Domestic indices to trade volatile on expiry day - ZENMoney

Domestic indices are expected to open the day on a sideway note tracking global market movement but domestic cues will take precedence later on. Globally, sentiments are likely to improve as slower than expected economic growth in the US has raised hopes that the Fed would continue with its stimulus measures.

On the domestic front, sentiments will remain weak as the rupee breached the all time lows in yesterday's trade and expected to weaken further unless both the government and the RBI take steps to stem its fall. The F&O expiry today will also keep the markets volatile.

Oil&gas, Fertilizers and Power sector will be in news as the Cabinet Committee on Economic Affairs (CCEA) is meeting today to decide on raising natural gas prices for the first time in three years.

Crude is likely to remain range bound on demand concerns after China's economic growth shows signs of slowing. Further, increasing stockpiles in the US will keep prices under check. Any decline in crude prices will be positive for the Indian market.

FIIs continued to be net sellers in the Indian market yesterday although the outflow was lower compared to the last few days. As per provisional data, they net sold equities worth Rs.547.79 crore on Wednesday. Any improvement in the FII flow can support the market at lower levels.

For the Nifty 5623, 5657 and 5713 are the immediate resistance levels, while 5566, 5545 and 5489 are its immediate support levels.

For the Sensex, 18657, 18762 and 18938 are the immediate resistance levels, while 18480, 18409 and 18233 are its immediate support levels.

Source : Equity Bulls

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