Investors sentiment remains weak, rupee depreciates further - ZENMoney

Domestic indices opened the session on a negative note following weak global cues. Investors' sentiments also remained weak with rupee depreciating further, which fell to nearly 11-month low. Markets continued their weakness for most of the morning session amid concerns of growth and financial stability. Markets recovered in the afternoon session by taking support from European counterparts and some buying interest witnessed in front line blue chip counters among indices. However, markets failed to continue the momentum and ended the day with losses.

On a sectoral front, Health Care sector was the major loser of the day followed by Oil & Gas, Metals, Power and CD sectors. FMCG, IT and Auto sectors ended the day with marginal losses. On the gainers front rate sensitive sectors witnessed some buying interest with Banking sector leading as top gainer of the day followed by Realty and Capital Goods sectors.

The Indian markets are likely to open on a sideway note tracking both global and domestic market movement. Global markets will continue to remain subdued on speculations of Fed tapering of its stimulus measures and on ECB?s comments on further rate cuts.

On the domestic front, the focus will remain on the rupee, which hit a one year low in yesterday's market. The Indian currency is likely to witness more pain in the short term due to both external and internal factors. Further, weakening FII flows will keep market sentiments down in the near term.

Crude is expected to trade in narrow range amid uncertainty about the future of stimulus measures in US.

FII flows have witnessed a slowdown since the last few days because of uncertain global and domestic markets. As per provisional figures they were net sellers to the tune of Rs 270.47 crore on Thursday. Continuation of this trend can further affect market sentiments.

For the Nifty 5963, 6003, 6090 are the immediate resistance levels, while 5875, 5828, 5741 are its immediate support levels.

For the Sensex, 19639, 19757, 19997 are the immediate resistance levels, while 19398, 19276, 19036 are its immediate support levels.

Source : Equity Bulls

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