Indian Markets expected to remain choppy - ZENMoney

The Indian markets are expected to open sideways with a negative bias mirroring weak global markets and are likely to remain choppy thereafter tracking domestic cues. Although the economic indicators from US have improved, escalating political tensions in Egypt and Portugal and its effect on global crude prices will keep markets under pressure in the near term.

Back home, the key concern for the market will be the rupee movement. After being range bound in the last two session, the rupee retouched the 60 mark yesterday on continued selling by the FIIs. The Indian currency is likely to remain under stress in the near term.

Crude continues to rise as political unrest in Egypt and Portugal has sparked concerns about supply disruptions from the Middle East. Any further rise in the crude prices will hurt domestic markets which is already struggling with rupee depreciation.

FIIs continued to take out money from the Indian markets. As per provisional figures they net sold equities worth Rs 705.06 crore on Wednesday. Further outflow from the FIIs can keep the markets under stress.

For the Nifty 5804, 5837 and 5892 are the immediate resistance levels, while 5749, 5727 and 5672 are its immediate support levels.

For the Sensex, 19301, 19424 and 19624 are the immediate resistance levels, while 19101, 19024 and 18824 are its immediate support levels.

Source : Equity Bulls

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