Indian Indices end the day on flat note - ZENMoney

Domestic Indices opened the day on a flat note with negative bias following the sluggish global cues. Investors' got some support after government said that it will not borrow more than Rs 2.35 lakh crore in the second half of the current fiscal. Also, the Department of Economic Affairs Secretary (DEA) statement that rupee will not be tanking again, when US Federal Reserve decides on tapering of its stimulus programme has supported the market at lower levels. Markets continued to trade range bound in the afternoon session with no cues from European counterparts. Moody's revising Indian economic growth forecast lowering it to 4.5 per cent for 2013-14 from 5.5 per cent projected earlier, on account of deteriorating macro-economic indicators capped the market upside. Indices ended the day on a flat note.

On a sectoral front, Auto and Capital Goods sectors are major gainers of the day followed by Power, Consumer Durables, HealthCare and FMCG sectors. Metal sector is the major loser of the day followed by IT, Oil & Gas, Realty and Banking sectors.

Domestic indices are likely to have a flat to negative opening today mirroring global market movement and remain choppy thereafter tracking domestic cues. The ongoing worries about debt ceiling and US economic data will be the key indicators for the market movement in the near term.

Back home, high volatility is likely to be witnessed in the market today ahead of tomorrow's monthly derivative contract expiry. The market would be tracking FII flows and rupee movement for cues. The rupee is likely to remain rangebound with a negative bias in the near term although it is unlikely to witness any sharp volatility after the recent measures by the RBI.

Crude prices are likely to be under pressure on signs of thawing of relationship between US and Iran which has reduced worries about global supply concerns.

FII flow remains weak and will depend on news flows both at the global and domestic cues. As per provisional figures, they net sold equities worth Rs 21.09 crore on Tuesday.

For the Nifty 5936, 5979, 6063 are the immediate resistance levels, while 5851, 5811, 5727 are its immediate support levels.

For the Sensex 19785, 19650, 19382 are the immediate resistance levels, while 20053, 20186, 20454 are its immediate support levels.

Source : Equity Bulls

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