Equities seen lower on inflation concerns; global cues mixed

Equities are headed for a weak start on Monday amid mixed global cues and as macro-economic concerns on the domestic front weigh on sentiment.

Higher inflation may result in further tightening by the RBI, so further offloading in banks and rate sensitive sectors is likely. The immediate resistance for Nifty Futures now is around 4470 -4500 and above that, 4540 and 4590 now remain major stumbling blocks in its upmove. Its immediate support is now around 4400. A failure to move above 4500 and a decisive breach of 4400 at this juncture will lend further momentum to the downswing at this juncture and it may then slide to 4360 and 4320 below that