Indian Market to open flat to negatie - Angel Broking

The Indian market is expected to open flat to negative mirroring the negative opening of most of the Asian markets.

US markets ended slightly higher Tuesday after mixed economic data and before major earnings releases, while further losses for Apple Inc. weighed on the technology sector. The early weakness on Wall Street was partly due to worries about continued gridlock in Washington regarding the debt ceiling. While President Barack Obama has indicated that he will not debate raising the debt limit, Republicans have called for any increase in the debt ceiling to be tied to additional spending cuts. Meanwhile, a report showed that retail sales rose by 0.5% (Estimate - 0.2%) in December following a revised 0.4% increase in November. A separate report from the Labor Department showed a slightly bigger than expected drop in producer prices in December.

Indian shares rose for a second straight session yesterday led by gains in ratesensitive realty and banking stocks on increasing bets that the RBI is going to have a rate cut later this month.

Markets Today

The trend deciding level for the day is 19,968 / 6,048 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,055 - 20,124 / 6,077 - 6,098 levels. However, if NIFTY trades below 19,968 / 6,048 levels for the first half-an-hour of trade then it may correct up to 19,900 - 19,813 / 6,027 - 5,998 levels.

Source : Equity Bulls

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