5872, 5884, 5914 are immediate resistance levels for Nifty - ZENMoney

Domestic indices opened the day on a positive note following the firm global cues. Markets witnessed some support with rupee strengthening against the US dollar but continued to trade above 60 per dollar after the recent demand for the greenback continued from institutional investors, banks and other importers. Investors' sentiments remained positive and traded green on account of measures taken by the central bank and the market regulator to curb speculative trading in foreign exchange derivatives and arrest rupee's slide. Markets continued to trade positive in the afternoon session with buying interest witnessed in frontline blue chip counters and taking positive cues from the European counterparts. Indices ended the day with gains.

On a sectoral front, All the sectors remained in positive with Consumer Durables, Power, Realty, Capital Goods, health Care and banking sectors leading the indices. Other sectors like IT, Metals, Auto, FMCG and Oil & Gas sectors ended the day with marginal gains.

Domestic indices are expected to open the day on a sideway note tracking global market movement but domestic cues will take precedence later on.

On the domestic front, sentiments will remain weak as the rupee continues to hover around all time lows. Despite short term measures, the rupee will continue to slide unless some strong measures are taken to boost sentiments.

Crude is likely to remain range bound on strong dollar, which will reduce crude's appeal as an investment alternative. Any decline in crude prices will be positive for the Indian market.

The Indian markets has been witnessing a steady outflows from the FIIs since the past one month due to a combination of weak macros and global factors. However, after a long time they were buyers in yesterday's market. As per provisional data, they net bought equities worth Rs.165.60 Cr on Tuesday. Any improvement in the FII flow can support the market at lower levels.

For the Nifty 5872, 5884, 5914 are the immediate resistance levels, while 5840, 5822, 5792 are its immediate support levels.

For the Sensex, 19491, 19541, 19647 are the immediate resistance levels, while 19384, 19329, 19223 are its immediate support levels.

Source : Equity Bulls

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