Trend deciding level in Nifty for the day is 5555 - Angel Broking

The Indian market is expected to open flat today mirroring negative opening trades in the SGX Nifty and most of the Asian bourses.

The US markets, after moving sharply lower in early trading on Friday, regained some ground in the latter part of trading, but finally ended the session in red. The sell-off seen at the start of trading came on the back of a report from the Labor Department showing much weaker than expected job growth in the month of March. The report showed that employment edged up by 88,000 jobs in March following an increase of 268,000 in February. A separate report from the Commerce Department showed that the U.S. trade deficit unexpectedly narrowed in the month of February, which helped to limit the downside for the markets. Most of the European bourses ended Friday's trading session notably lower, on back of downbeat U.S jobs data, which overshadowed positive economic data coming from Germany.

Meanwhile, Indian markets posted modest losses on Friday, extending the two-day sell-off as speculation of early elections and deteriorating economic data spooked investor sentiment.

The trend deciding level for the day is 18,455 / 5,555 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,521 - 18,591 / 5,575 - 5,598 levels. However, if NIFTY trades below 18,455 / 5,555 levels for the first half-an-hour of trade then it may correct up to 18,385 - 18,319 / 5,533 - 5,512 levels.

Source : Equity Bulls

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