Indian Markets expected to open in green - Angel Broking

Indian markets are expected to open in the green, tracking positive opening trades in SGX Nifty and most of the Asian markets.

The US markets witnessed upside during trading on Friday, benefited from optimism about the situation in Cyprus, although trading activity was relatively subdued. Some positive sentiment was generated by news that Cyprus managed to clinch a deal with Greece to spin off the Greek units of ailing Cypriot banks. European stocks were broadly lower after Standard & Poor's cut Cyprus' long-term foreign currency credit rating deeper into junk status, citing "acute problems" in its banking sector and rising risks of a default.

Indian shares ended yet another volatile session lower on Friday, extending losses for the sixth straight session. There are increasing concerns about the fate of government's reforms and Cyprus' worries are keeping investors nervous. Traders are likely to keep an eye on a batch of key US economic data, including reports on durable goods orders, new home sales, and Chicago-area business activity.

The trend deciding level for the day is 19,109/ 5,778 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,278 – 19,548 / 5,832 – 5,917 levels. However, if NIFTY trades below 19,109/ 5,778 levels for the first half-an-hour of trade then it may correct up to 18,839 – 18,670 / 5,692 – 5,639 levels.

Source : Equity Bulls

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