Indian Markets concerned on Rupee movement - ZEN Money

The Indian markets are likely to open sideways with a negative bias mirroring global market movement. Weak economic indicators from China and fear of an early end to the US monetary stimulus would keep global sentiments down.

Back home, the main concern for the market now is the rupee movement. The rupee is trading at its lowest level in over 8-1/2 months and likely to depreciate further. A lower rupee can hurt FII flows which has been slowing down since the last couple of days.

Earnings would remain the key for the market movement in the short term. Few big names coming up with results today are Britannia, Crompton Greaves, JB Chemicals, Jet Airways, Karur Vysya, Uttam Galva etc. Stock specific action is likely to be witnessed in these counters based on their result outcome.

Crude prices are expected to be under pressure on weak economic data from China which will keep prices down. Further, Fed's hints of tapering of stimulus measures later in the year may also affect oil prices.

FII flow has been witnessing a slowdown in the Indian market since the last few days. As per provisional figures they net bought equities worth Rs 316.23 crore on Thursday. Continuation of this trend can take the market on a downside.

For the Nifty 6048, 6128, 6253 are the immediate resistance levels, while 5921, 5875, 5749 are its immediate support levels.

For the Sensex, 19923, 20172, 20565 are the immediate resistance levels, while 19530, 19386, 18993 are its immediate support levels.

Source : Equity Bulls

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