The markets may see a flat opening on account of sedate global cues. The Asian markets are mixed and the SGX Nifty is flat with a positive bias at 5,642.
After two consecutive closing in the negative, investors seem to hold back from taking major positions ahead of upcoming quarterly results. The rally from 5,250 to 5,600 was mainly led by Foreign Institutional Investor fund flows as they have invested Rs 8,947 crore (around $2 billion).
Ashish Chaturmohta, Vice President - Derivatives and Technical Analyst says that technically, Nifty future has resistance around 5700 levels, on downside short term support exists at 5620 levels, breaking below which there will be profit booking till 5580 levels where support can emerge.
Foreign funds have pumped in nearly $2 billion in the eight sessions to July 4, as they ramped up their interest in riskier emerging market assets, helping the main index rack up gains.
Markets across Asia are trading mixed. Taiwan Weighted,Shanghai Composite and Nikkei are down 0.1-0.4% while Seoul Composite,Straits Times,Jakarta Composite and Hang Seng have gained 0.3-0.5%.
Some of the stocks to watch out for the day are Reliance Industries after the oil ministry passed BP's $7.2 billion deal to buy stake in the company,JSW Steel which reported its June production which is up 14% and Indo Asian Fusegear as there is a board meet on July 9 to consider share buyback
