Nifty may trade between 5970-5880.

The research firm says,Nifty is expected to trade between 5970-5880 with sideways brassiness.

Indian markets closed at one and half months highs on Tuesday, led by gains in Hindustan Unilever after its parent made a USD 5.4 billion offer to raise stake in it, while the finance minister's comments that tax residency certificate is enough proof of residency for tax purposes also helped. The benchmark Sensex rose 0.6 percent, or 116.68 points, to end at 19,504.18, gaining for the first month in three with a 3.5 percent rise in April and broader Nifty rose 0.44 percent, or 26.10 points, to end at 5,930.20, closing above the psychologically important 5,900 level, gaining 4.4 percent for April. Hindustan Unilever Ltd shares rose 17.4 percent to mark their all time highest close after Anglo-Dutch consumer goods giant Unilever Plc offered to pay as much as USD 5.4 billion to raise its stake in its Indian unit.

The gains also tracked advances in European share markets as some investors positioned for the European Central Bank and the U.S. Federal Reserve to extend their monetary measures to stimulate economic growth. However RBI's policy review and its stance on future rate cuts, especially after the recent slump in commodity prices, are important for the near-term direction of the market. The U.K.'s FTSE 100 Index closed off its session highs on Wednesday, after worse-than-expected employment data was released in the United States.

U S Stocks kicked off May with a big thud, with major averages dropping nearly 1 percent across the board, as a batch of weaker-than expected economic data overshadowed the Federal Reserve's plan to maintain its stimulus program. Global cues are not positive today, with them SGX Nifty is showing 12 points cut in morning trade indicating that Indian market would open little subdued today and Nifty is expected to trade between 5970 and 5880 with sideways brassiness.

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