FIIs sell Rs. 1277.64 crore on Thursday - ZENMoney

Domestic indices are likely to open on a sideway note tracking global market movement but domestic cues will take precedence later on. Although better than expected global manufacturing data will improve market sentiments, continuing uncertainty about the Fed's tapering will keep markets rangebound in the near term.

On the domestic front, the rupee continues to breach new lows and will be the key indicator for the market movement in the near term. The rupee is likely to witness more pain in the coming days as steps to arrest its decline have failed.

Crude prices are likely to remain range bound and get support from improving economic outlook from the US which have bolstered optimism of a demand pickup.

Despite the market witnessing a 400 point rally yesterday, the FII flow remained in the negative territory. As per provisional figures FIIs net sold a staggering Rs 1277.64 crore worth of equity on Thursday. Any further selling from them can take the markets to new lows.

For the Nifty 5467, 5526 and 5691 are the immediate resistance levels, while 5302, 5195 and 5030 are its immediate support levels.

For the Sensex 18522, 18732 and 19322 are the immediate resistance levels, while 17931, 17550 and 16960 are its immediate support levels.

Source : Equity Bulls

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