Indian Market is expected to open flat mirroring SGX Nifty - Angel Broking

The Indian market is expected to open flat today mirroring the negative opening trades in the SGX Nifty and mixed opening across major Asian bourses. Asian markets are trading mixed, with Japanese markets surging in particular, after the Bank of Japan announced unprecedented monetary easing to end two decades of economic stagnation.

The US markets ended the trading session on Thursday modestly higher, after turning in a lackluster performance throughout much of the session. While a positive reaction to new Japanese monetary policy generated buying interest, disappointing U.S. jobs data limited the upside for the markets. Bank of Japan announced new quantitative and qualitative easing measures, leading to modest strength on the Wall Street. However, buying interest was kept in check by the release of a report from the Labor Department showing an unexpected increase in initial jobless claims.

Meanwhile, Indian markets fell sharply on Thursday, extending the sell-off from the previous session, as investors awaited the start of the fourth-quarter earnings season. Speculation about early general elections and weak global cues also weighed on sentiment, adding to concerns about the widening current account deficit and slowing economic growth.

The trend deciding level for the day is 18,572 / 5,595 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,671 - 18,832 / 5,624 - 5,674 levels. However, if NIFTY trades below 18,572 / 5,595 levels for the first half-an-hour of trade then it may correct up to 18,411 - 18,313 / 5,645 - 5,516 levels.

Source : Equity Bulls

Keywords