5811, 5842, 5927 are immediate resistance levels for Nifty - ZENMoney

Domestic Indices opened the day on a flat note following mixed global cues amid volatility over US shutdown. Market sentiment remained positive on reports that Core Sector, the eight key infrastructure industries, grew at their fastest pace in seven months at 3.7% in August compared with an expansion of 3.1% in the previous month, boosted by robust performance in electricity, cement, steel and petroleum refinery products. Also, appreciation in Indian rupee as against US dollar supported the sentiments. Markets continued to trade positive in the afternoon session on account of buying witnessed in front line counters and taking positive support from European Markets. Indices ended the day with gains.

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

The Indian markets are likely to open on a sideways note tracking global market movement. The US government shutdown, which entered its second day will weigh on global markets sentiments in the near term.

Back home, in the absence of any major events, the market would be tracking the global events and FII flows for cues.

Crude prices are likely to remain range bound and will track the news on the US government shutdown and its effects on the demand.

FIIs continued to continued to be net sellers in the Indian markets. As per provisional figures they sold equities worth Rs 106.96 crore on Tuesday (1st Oct). A pick up in the FII flows can proviede some stability to the market at lower levels.

For the Nifty 5811, 5842, 5927 are the immediate resistance levels, while 5725, 5670, 5584 are its immediate support levels.

For the Sensex 19612, 19707, 19975 are the immediate resistance levels, while 19343, 19170, 18901 are its immediate support levels.

Source : Equity Bulls

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