See support for Nifty near 5400: Magnum

According to a report by Magnum, in the domestic arena, the start is likely to remain somewhat lackluster as the global cues remain feeble and there is not much from the domestic front too. However, the RBI had clarified that its measures to put curbs on outflows were only a roll-back of its measures announced six years ago.

Markets will also be eyeing the movement of rupee and development in the commodity markets related to the National Spot Exchange (NSEL) fiasco. Markets would see some support as Prime Minister has ruled out the possibility of India witnessing a repeat of the 1991 balance of payments crisis and also reversing the path to globalization of the economy and has asked RBI of need for re-think on the tight monetary policy and hawkish stance on inflation.

There will be some buzz in the IT sector, as the Commerce and Industry Minister will meet US Trade Representative this week to discuss India’s concerns related to additional visa restrictions on IT professionals.

The Indian Market will take cues from trading of S&P CNX Nifty on Singapore stock exchange indicating loss of 40 points at the opening bell and also from the European market movement later in the day. The IT, Power, Pharma, Realty, Banking Sector will be in focus during today’s trade. Nifty will face resistance near 5,500 levels & sees support near the 5,400 mark.

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