Indian Markets expected to open flat on mixed global cues - ICICIdirect

Indian markets are expected to open flat on the back of mixed global cues. The markets opened on a weak note on Friday morning but recovered during the latter half of the trading session to eventually close in the red. The market sentiment remained subdued on the back of disappointing corporate earnings numbers. The cautious mood of traders was also reinforced by economic growth concerns and a ballooning current account and fiscal account deficit ahead of the upcoming Union Budget later this month. Selling pressure was witnessed in oil & gas and IT sector stocks while modest buying interest was seen in auto and banking sector stocks. The Sensex closed at 19468.2, down by 29 points while the Nifty ended at 5887.4, down by 9.6 points. The Sensex has supports at 19380 and 19250 and resistances at 19520 and 19640. The Nifty spot has supports at 5850 and 5830 and resistances at 5910 and 5940.

US markets continued their lacklustre performance to close mixed on Friday. The trading session was choppy on Friday amid a mixed set of macroeconomic data points. On the one hand, the data on New York manufacturing activity and consumer sentiment came better than expected while, on the other hand, industrial production data came in lower-than-expected. As per the report by the Federal Reserve, the industrial production slowed down by 0.1% in January 2013 as compared to a revised 0.4% increase in December 2012. Traders await important macroeconomics data due to be released this week for directional cues, which include housing starts, existing home sales inventory, CPI and weekly jobless claims. The Dow was up marginally by 8.4 points or 0.1% to 13981.8 while the Nasdaq was down marginally by 6.6 points to 3192. The S&P 500 also ended down by 1.6 points at 1519.8.

Source : Equity Bulls

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