SGX Nifty trading lower in opening trades - Angel Broking

The Indian market is expected to open flat with a negative bias, mirroring SGX Nifty which is trading lower in the opening trades. Major Asian indices except Nikkei are still closed for the Lunar New Year holiday.

The US market saw modest weakness throughout the trading session. Selling pressure prevailed although subdued. The major averages climbed near the unchanged line in the final hour of trading but still ended the day in the red. The European markets finished Monday's trading session with mixed results. Some negative news for pharmaceutical company Novo Nordisk weighed on investor sentiment at the start of the new trading week.

Meanwhile Indian shares swung between gains and losses before ending modestly lower on Monday, dragged down by capital goods, IT and FMCG stocks. Adding to growth concerns, Reserve Bank of India Governor cautioned that the country was headed for the highest ever current account deficit this fiscal year.

The trend deciding level for the day is 19,474 / 5,900 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,530 - 19,600 / 5,922 - 5,945 levels. However, if NIFTY trades below 19,474 / 5,900 levels for the first half-an-hour of trade then it may correct up to 19,404 - 19,347 / 5,877 - 5,855 levels.

Source : Equity Bulls

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