Indian Market is expected to open flat to positive - Angel Broking

The Indian market is expected to open flat to positive, mirroring SGX Nifty which is trading marginally higher in the opening trades. The major Asian indices are trading on a mixed note after the minutes of last month's Bank of Japan meeting indicated that Japan's economy remains relatively weak.

The US markets were closed on Monday following the President's Day holiday. The European markets traded mostly lower, amid no major announcement on the earnings or economic data front.

Back home in India, the domestic market moved in a narrow range before ending modestly higher. Stocks pared early gains, tracking mixed European cues and weak industrial metal prices. However, the underlying sentiment remained slightly cautious as global ratings agency Moody's warned that a continued rise in India's current-account deficit is ‘credit negative' for the country. It also stated that the rising current account deficit and external debt may impact the nation's credit risk profile. Going ahead, the domestic investors would be watchful of the developments on the Union Budget front. The market participants would also keep an eye on US economic data that is scheduled to be released in the week, including reports on housing starts, existing home sales, and consumer and producer price inflation.

The trend deciding level for the day is 19,506 / 5,896 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,549 - 19,598 / 5,913 - 5,928 levels. However, if NIFTY trades below 19,506 / 5,896 levels for the first half-an-hour of trade then it may correct up to 19,458 - 19,415 / 5,881 - 5,863 levels.

Source : Equity Bulls

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