Indian Indices to open sideways - ZEN Money

- Domestic Indices are likely to open sideways tracking mixed global cues.

- Back home, continuing slide of commodity prices, especially crude and gold is likely to keep market momentum up. Expectations of a rate cut in the RBI's next policy meet is also likely to keep sentiments up.

- Focus will remain on the ongoing earning season and stock specific action is likely to be witnessed based on their outcome. Few big names coming out with their results today are ITC, Dhanlaxmi Bank, Balaji Telefilms, Entertainment Networks, Motherson Sumi, NIIT, Sun TV etc.

- Crude is expected to trade in narrow range and get support from speculations of stimulus measures which will boost demand. Further, strengthening of dollar against basket of currencies and slowing US gasoline stockpiles will provide support to crude price. The Rupee too is likely to trade in a narrow band and take direction from dollar movement.

- FIIs continue to pump in money into the Indian markets . As per provisional figures they net bought equities worth Rs 1,070.33 crore on Thursday. Continuation of this trend can take the markets to new highs.

- For the Nifty 6196, 6221, 6280 are the immediate resistance levels, while 6136, 6102, 6043 are its immediate support levels.

- For the Sensex, 20329, 20410, 20575 are the immediate resistance levels, while 20164, 20080, 19916 are its immediate support levels.

Source : Equity Bulls

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