The markets are likely to remain choppy this week tracking global cues. On the domestic front, the weakening rupee and the F&O expiry for the month of May on due Thursday is likely to keep the gains under check.
Benchmark share indices ended marginally higher last week, shrugging off weakness in the rupee, as the government's bold decision to steeply hike petrol prices was seen as precursor to unfolding of reforms going forward.
“In the near term, the Nifty is likely to target the 5,000-mark. On Monday, the index would look to seek support around 4,900-4,890, while it can face resistance around 4,940 – 4,950 levels,” analysts suggest. At 705 am Indian Standard Time, the SGX Nifty was trading at 4,912 – down 0.3%.
ADX Index Declines in the Early Trade
The ADX General Index slipped into the red territory during the first couple of hours trading on Monday 20th May 2013. The index trimming 30.26 points or 0.85 percent reached at 3,533.94.