Indian Market expected to open in red - Angel Broking

The Indian market is expected to open in the red following the negative opening in SGX Nifty and most other Asian markets after signs of an inconclusive general election in Italy sparked worries that another chapter in Europe's debt crisis could be opening.

The US market showed a substantial downturn on Monday on the back of uncertainty about the outcome of elections in Italy. Moreover, uncertainty about whether lawmakers in Washington will be able to reach an agreement to avoid the automatic government spending cuts, due to go into effect at the end of the month, also weighed on the markets. European stocks also gained ground as investors awaited Italian poll results.

Meanwhile, Indian shares ended a volatile session largely unchanged on Monday despite firm global cues. The underlying sentiment remained cautious as investors await the upcoming Railway Budget and Union Budget this week for directional cues.

The trend deciding level for the day is 19,327 / 5,853 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,416 - 19,500 / 5,880 - 5,906 levels. However, if NIFTY trades below 19,327 / 5,853 levels for the first half-an-hour of trade then it may correct up to 19,243 - 19,154 / 5,827 - 5,799 levels.

Source : Equity Bulls

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