6177, 6199, 6236 are the immediate resistance levels for Nifty - ZENMoney

Domestic indices opened the day on a flat note and remained cautious awaiting outcome of RBI's monetary policy and US Federal Reserve's meeting scheduled this week. Investors also remained on the sidelines awaiting WPI data to be announced later in the day, which could impact RBI's stance in its monetary policy meeting. Markets turned negative after WPI shot higher at 7.52% for the month of November as against 7% for the previous month raising fears of rate hike by RBI. However, the recovery in rupee supported the indices at lower levels. Markets remained range bound with negative bias in the afternoon session on account of selling in front line counters and ended the day with marginal losses.

On a sectoral front, Oil&Gas sector is the top loser of the day followed by Auto, FMCG and Banking sectors. IT sector is the top gainer of the day followed by CD, HC, CG, Power, Metal and Realty sectors.

The Domestic indices are likely to open the day on a sideway note with positive bias tracking global market movement. Global markets will continue to remain rangebound ahead of the FOMC meet which begins today (17th December) awaiting its decision on its stimulus.

Back home, the market would remain rangebound ahead of the RBI's policy , scheduled on 18th December on the back of disappointing inflation data.

The Indian rupee's fortunes are largely dependent on portfolio inflows into stocks and any rate hike could negatively impact such flows. RBI's chief Raghuram Rajan will likely raise the key policy rate during his third successive review, which may adversely impact stocks and have a cascading effect on the rupee.

Crude prices could find support after supply concerns resurfaced after Libya failed to reach a deal with tribal leaders to end a blockade of several oil-exporting ports.

The FII inflows on back of global companies raising stake in their Indian units is likely to support the markets. As per provisional figures they net bought equities worth Rs 159.55 crore on Monday. Further flows will depend on how the global and domestic events pan out this week.

For the Nifty 6177, 6199, 6236 are the immediate resistance levels, while 6139, 6124, 6086 are its immediate support levels.

For the Sensex 20737, 20815, 20941 are the immediate resistance levels, while 20610, 20560, 20433 are its immediate support levels.

Source : Equity Bulls

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