Equity markets are likely to trade range bound with a downward bias tracking weak global sentiments, as there may be yearend selling pressure from FII

Equity markets are likely to trade range bound with a downward bias tracking weak global sentiments, as there may be year-end selling pressure from foreign funds. However, Q3 results are likely to be better than expectations and may lead to F&O expiry close above 3100. We expect that market has discounted Q3 result expectations in all ways.

Intraday, 3014 points is the pivot in the Nifty while a breach of 3002 points should be treated as caution. Support in declines is at 2960-2970 and a sustained upmove above 3093 is required to ward off the bear threat with immediate hurdle at 3063 points

Selling pressure at 3115-3135 points' area has to be absorbed for fresh upswing. Expect markets to remain choppy and swinging on the penultimate day of December F&O expiry