Domestic Indices to open sideways on Friday - ZENMoney

Domestic Indices are expected to open sideways tracking global market movement and remain volatile thereafter tracking domestic cues. The Global markets are rattled by fresh turmoil in Europe which will keep sentiments down.The market will be eyeing Friday's US payroll data which can provide some clarity on the US recovery.

Back home, the Rupee and FII flows remain the key triggers for the market movement in the short term. Weak macros, uncertain FII flows combined with policy inaction have been putting pressure on the rupee. Fears of further depreciation in rupee will keep market momentum down in the near term.

Crude has retreated from a 14 month high after the easing of Egypt's political situation. However, prices will continue to get support from supply risk as the situation is still not completely resolved. Any further correction in the crude prices will be positive for the Indian markets.

FIIs, who have been offloading money from the Indian markets since the last few weeks were net purchasers yesterday. As per provisional figures they net bought equities worth Rs 164.56 crore on Thursday. Any further buying on their part can provide support to the market.

For the Nifty 5862, 5886 and 5948 are the immediate resistance levels, while 5799, 5761 and 5699 are its immediate support levels.

For the Sensex, 19489, 19567 and 19767 are the immediate resistance levels, while 19288, 19166 and 18966 are its immediate support levels.

Source : Equity Bulls

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