Indian Indices likely to open sideways - ZEN Money

Domestic indices are likely to open sideways mirroring global market movement. Global sentiments remain high after the Fed's dovish stance on continuing with the stimulus measures.

Back home, the market would be eyeing the rupee movement for further cues. The rupee has fallen to its lowest level in six months raising concerns about the government's finances. Further fall in the rupee can lead to some correction in the markets.

The market would also be tracking the earnings season for direction. Big names coming out their results today are BHEL, NIIT, JSW Steel, Hind Copper, Kaveri Seed Co., SBI, Tata Steel and Zee News. Stock specific action is likely to be witnessed based on their outcome.

Oil stocks will be in limelight following the Government's in -principle nod to export parity pricing for petroleum products.

Crude, which fell in yesterday trade on higher inventories is likely to remain range bound in the near term.

FIIs continued to pump money into the Indian markets despite a weak rupee. As per provisional figures they net bought equities worth Rs 540.18 crore on Wednesday. Continuation of this trend can provide support to the market.

For the Nifty 6137, 6179, 6252 are the immediate resistance levels, while 6063, 6032, 5959 are its immediate support levels.

For the Sensex, 20189, 20314, 20534 are the immediate resistance levels, while 19968, 19874, 19655 are its immediate support levels.

Source : Equity Bulls

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