Indian Markets likely to start the week sideways - ZENMoney

The Indian markets are likely to start the week sideways tracking global market movement. On the global front, China's HSBC Manufacturing PMI for June 2013 will be unveiled today and will give an indication of the state of Chinese economy.

Back home, hopes of some policy announcement from the government is expected to keep the market sentiments positive this week. The market will also be eyeing the HSBC India Manufacturing PMI which will be released today for cues. The rupee will continue to remain the key for market movement in the near term.

Auto and cement stocks are likely to be in focus as the companies in these sectors will unveil their monthly sales figures from today. Stock specific action is likely to be witnessed based on their outcome.

Crude has been range bound in the last couple of weeks tracking global events. While modest growth data from the US are supporting crude prices, escalating tensions in the Middle East are raising concerns about supply which is likely to keep a check on any upside

After almost two weeks of continuous selling, the FIIs were net purchasers in the market on Friday (28th June). As per provisional figures they net bought equities worth Rs 1124.31 crore on Friday. Continuation of this trend can take the market to higher levels.

For the Nifty 5881, 5919 and 6022 are the immediate resistance levels, while 5776, 5711 and 5607 are its immediate support levels.

For the Sensex,19522, 19648 and 19987 are the immediate resistance levels, while 19181, 18967 and 18627 are its immediate support levels.

Source : Equity Bulls

Keywords