Indian Markets are likely to open on a sideway note - ZENMoney

The Indian markets are likely to open on a sideway note with a negative bias mirroring global market movement and will remain volatile thereafter tracking domestic cues. Concerns about US attack on Syria will keep global markets choppy in the near term.

After yesterday's panic selling, the Indian markets are likely to remain subdued today. Fears of a downgrade, rupee weakness and crude prices will keep sentiments down. After two days of strengthening, the rupee weakened yesterday. Any further weakness in the rupee can take the market to lower levels.

Crude prices are likely to move higher on concerns about aUS military action on Syria and fears of it spilling to other neighbouring oil producing countries effecting supply.

After being net buyers on Monday, the FIIs were net sellers in yesterday's market. As per provisional figures they net sold equities worth Rs 716.16 crore on Tuesday. Any sustained buying from FII can improve market sentiments.

For the Nifty 5508, 5673 and 5930 are the immediate resistance levels, while 5249, 5158 and 4900 are its immediate support levels.

For the Sensex 18773, 19311 and 20152 are the immediate resistance levels, while 17931, 17628 and 16787 are its immediate support levels.

Source : Equity Bulls

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