Indian Markets to open in green mirroring gains in SGX Nifty - Angel Broking

The Indian markets are expected to open in the green mirroring a positive opening in SGX Nifty, which is trading higher by 0.5%. Most of the Asian bourses too are trading in the positive zone with gains of 0.05% to 1.1%.

The US markets, after moving lower in early trade on Monday showed a significant turnaround over the course of the trading day. The early weakness is in the markets was on account of concerns over the economy, as various sets of economic data released recently such as the jobs data released on Friday indicated that the upward momentum in economy is slowing down. The traders were also looking ahead to the quarterly results from Alcoa which was scheduled to be released after the closing hours of trade. The European markets rose higher on Monday aided by higher than expected increase in German industrial production.

Meanwhile, Indian markets posted modest losses on Monday after swinging between positive and negative zone throughout the day. FMCG stocks gained on reports of likely normal monsoon this year.

The trend deciding level for the day is 18,448 / 5,550 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,494 - 18,550 / 5,562 - 5,582 levels. However, if NIFTY trades below 18,448 / 5,550 levels for the first half-an-hour of trade then it may correct up to 18,392 - 18,347 / 5,530 - 5,518 levels.

Source : Equity Bulls

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