Indian markets expected to open on positive note - Angel Broking

The Indian market is expected to open on a positive note mirroring the positive opening trades on the SGX Nifty and on major Asian bourses.

The US markets traded on a positive note during trading on Wednesday after ending the previous two sessions in the red. The markets benefited from optimism about the outlook for corporate earnings following the release of quarterly results from Alcoa (AA). The major averages ended the day firmly in positive territory but well off their best levels of the day. Meanwhile, the European markets finished in positive territory on Wednesday. Banks were among the best performing stocks of the session. Investors were encouraged by the fourth quarter profit reported by aluminum producer Alcoa, which is viewed as the start of the earnings reporting season in the United States.

The domestic markets erased early gains to end modestly lower on Wednesday despite firm Asian and European cues after the US earnings season got off to a positive start. FMCG, consumer durable, metal and capital good stocks fell sharply, overshadowing gains in auto and oil &gas stocks.

Markets Today

The trend deciding level for the day is 19,706 / 5,983 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,785 - 19,903 / 6,008 - 6,045 levels. However, if NIFTY trades below 19,706 / 5,983 levels for the first half-an-hour of trade then it may correct up to 19,588 - 19,509 / 5,947 - 5,922 levels.

Source : Equity Bulls

Keywords