Indian Markets likely to open sideways and trade choppy - ZENMoney

The Indian markets are likely to open sideways and trade choppy thereafter ahead of the two day FOMCmeet which started on Tuesday. The outcome of the meet will set the tone for both global and domestic market movement in the near term.

On the domestic front, in the absence of any domestic cues, the market will be eyeing the Fed's actions for direction. The outcome of the meeting can affect a host of other domestic indicators such as the FII flow and the rupee movement. The rupee, which is trading at record lows is expected to remain under pressure ahead of the Fed's outcome.

Crude prices are on the rise and expected to continue to remain high amid concerns that supply may be disrupted due to rising tensions in the Middle East.

FIIs continued to be net sellers in the Indian market. As per provisional figures they net sold equities worth Rs 597.37 crore on Tuesday. FIIs will be eyeing the Fed's actions and decide their actions based on its outcome.

For the Nifty 5850, 5887, 5946 are the immediate resistance levels, while 5790, 5768, 5708 are its immediate support levels.

For the Sensex, 19341, 19459, 19651 are the immediate resistance levels, while 19148, 19073, 18881 are its immediate support levels.

Source : Equity Bulls

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