Nifty may test psychological support level of 5650 - TRANS SCAN

The Indian markets are expected to open lower on Thursday tracking weak global cues and the Nifty index may even test its crucial psychological support level of 5650 in trade today. Profit booking after strong rise over the last four trading sessions combined with political risks rise weighed on markets on Wednesday. Daily chart indicates that Nifty is facing a resistance of 5750 levels.

Overnight, US stock markets ended lower after a weaker-than-expected survey of private employers raised concerns about the strength in the world's largest economy. The ADP National Employment report on private-sector jobs showed less-than-expected hiring in March, which was a worrying sign for investors before the Labor Department's March non-farm payrolls report on Friday.

The European Central Bank is expected to hold interest rates on Thursday but could provide a dovish outlook on interest rates. The Bank of England, which also meets later on Thursday. Asian shares eased ahead of central banks meet later in the day and weak jobs data stoked concerns about the strength in the world's largest economy.

Source : Equity Bulls

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