Indian Markets to open negative as SGX Nifty trading down by 0.1% - Angel Broking

The Indian markets are expected to open flat with a negative bias, tracking the marginally negative opening in SGX Nifty which is down by 0.1%. Most of the Asian markets too are trading in the red, losing by around 0.1%-0.6%.

The US markets rose for the fourth consecutive day in a row, buoyed by a report from the Labor Department, which showed that initial jobless claims fell more than expected in the week ended April 6th. The report showed that initial jobless claims fell to 346,000, a decrease of 42,000 from the previous week's revised figure of 388,000, as against jobless claims estimates of 365,000. Another report from the Labor Department showed that import prices fell by 0.5% in March following a revised 0.6% increase in February. The decrease in import prices was in-line with estimates. European markets rose higher on Thursday, with the major markets posting gains in the range of 0.5%-0.9%, taking cues from the US.

Meanwhile, Indian markets posted gains for the second consecutive session in a row, helped by firm global cues. The markets will track the Infosys 4QFY2013 results and IIP data to be released today.

The trend deciding level for the day is 18,513 / 5,583 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,628 - 18,714 / 5,622 - 5,650 levels. However, if NIFTY trades below 18,513 / 5,583 levels for the first half-an-hour of trade then it may correct up to 18,427 - 18,312 / 5,554 - 5,515 levels.

Source : Equity Bulls

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