Indian Indices expected to open the week on sideway note - ZENMoney

Domestic indices are expected to open the week on a sideway note tracking global market movement but domestic cues will take precedence later on. Global markets are likely to remain choppy ahead of the FOMC meet on the 19th.

•On the domestic front, the key trigger for the market today will be RBI monetary policy meet. Although a rate cut looks unlikely given the weakness in rupee, hopes have risen after inflation figures for May came down for the fourth consecutive month. The RBI’s move today will set the tone the market movement in the short term. A rate cut by the RBI can cheer the market and provide positive momentum to the market while a lack of it can dampen market sentiments.

Continuing tensions in the Middle East is likely to keep crude prices under pressure in the near term.

FIIs continued to be net sellers in the Indian market during the last week. As per provisional data, they net sold equities worth Rs.305.68 crore on Friday. Any reversal in the FII flow can bring in positive momentum to the markets.

For the Nifty 5839, 5870, 5950 are the immediate resistance levels, while 5758, 5709, 5629 are its immediate support levels.

For the Sensex, 19278, 19377, 19678 are the immediate resistance levels, while 19016, 18853, 18592 are its immediate support levels.

Source : Equity Bulls

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