Indian Markets to open sideways tracking global cues - ZENMoney

The Indian markets are expected to open sideways taking cues from global market movement. Globally, the market would be eyeing the key economic indicators from the US for direction.

Back home, in the absence any key events, the markets would be choppy through the day and take cues from the rupee movement and the liquidity situation. The rupee has been stable since the last two sessions providing some support to the market.

Telecom stocks will be in news following the Telecom Commission's (an inter-ministerial body), approval to hike FDI limit for telecom sector to 100 percent from 74 percent currently.

Crude prices have been on an upside on improving economic outlook in the US. Further, speculation of falling crude stockpiles in the US will keep prices on the upside. Any further increase in the crude prices can put pressure on the Indian markets.

FIIs continue to remain net sellers in the market although the pace of outflows have slowed down. As per provisional figures, they net sold equities worth Rs 43.2 crore on Tuesday. Any reversal in the FII flow can provide support to the market.

For the Nifty 5887, 5917 and 5963 are the immediate resistance levels, while 5840, 5823 and 5776 are its immediate support levels.

For the Sensex, 19555, 19645 and 19792 are the immediate resistance levels, while 19408, 19352 and 19205 are its immediate support levels.

Source : Equity Bulls

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