Nifty expected to open flat mirroring SGX Nifty - Angel Broking

The Indian market is expected to open flat to positive mirroring similar opening in SGX Nifty.

The US markets moved higher over the course of the trading day on Tuesday, on the back of a positive reaction to the latest earnings news, although buying interest was somewhat subdued. The major European markets ended the day in the red on Tuesday for a third consecutive session after the Bank of Japan disappointed investors hoping for a bolder policy by introducing a 2% inflation target and announced additional easing steps; but investors appeared somewhat disappointed that additional asset buying will not start until 2014. However, the stronger than expected German economic sentiment helped to curb market losses.

The Indian markets snapped three days of gains on Tuesday, weighed down by weak European cues as investors waited for key US earnings and housing data for directional cues. Going ahead investors would be watchful of the earnings data coupled with reports on weekly jobless claims, leading economic indicators, and new and existing home sales.

The trend deciding level for the day is 20,030 / 6,063 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,108 - 20,234 / 6,086 - 6,124 levels. However, if NIFTY trades below 20,030 / 6,063 levels for the first half-an-hour of trade then it may correct up to 19,904 - 19,826 / 6,026 - 6,003 levels.

Source : Equity Bulls

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