Domestic Markets are likely to open sideways with positive bias - ZENMoney

The domestic markets are likely to open sideways with a positive bias tracking global cues and remain rangeboundthereafter tracking domestic cues. Despite concerns over Chineseeconomy, strong economic data coming in from US is likely to lift global market sentiments.

On the domestic front, the markets are likely to remain volatile ahead of the F&O expiry tomorrow. The market will be tracking the rupee movement and the FII flows for direction. The rupee which has been range bound in the last few sessions is likely to remain weak in the near term tracking domestic and global cues.

Crudeprices are likely to be trade in a narrow rangeandget support from improving economic data from the US. However, the continuing tensions in the Middle East will cap any upside.

FIIs continued their selling in the Indian market. As per provisional figures, they net sold equities worth Rs 1285.86 crore in the Indian market on Tuesday. Further selling in the market can result in a deep correction in the market.

For the Nifty 5661, 5712 and 5808 are the immediate resistance levels, while 5564, 5519 and 5423 are its immediate support levels.

For the Sensex,18792, 18955 and 19270 are the immediate resistance levels, while 18476, 18324 and 18009 are its immediate support levels.

Source : Equity Bulls

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