Indian Markets to track flat opening at SGX Nifty - Angel Broking

The Indian markets are expected to open flat to positive tracking flat opening in SGX Nifty and of major Asian markets.

The US markets moved mostly higher over the course of the trading day on Monday, partly offsetting the steep losses that were posted last week. The upward move on the day reflected strong gains by technology and resource stocks. The major averages all ended the day in positive territory, although the Dow underperformed its counterparts. The European markets pared their gains in late trade Monday, but still largely finished to the upside. The markets were positive in early trade, on the news that Italy's parliament re-elected President Giorgio Napolitano for a second term on Saturday.

Meanwhile, Indian markets ended at a one month high. Continued expectations of a cut in key interest rates by the RBI helped to keep investor sentiments buoyant on Monday. With inflationary pressures easing and the rupee remaining more or less stable, most analysts expect the RBI to cut interest rates next week for a third time this year.

The trend deciding level for the day is 19,122 / 5,823 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,253 - 19,337 / 5,856 - 5,878 levels. However, if NIFTY trades below 19,122 / 5,823 levels for the first half-an-hour of trade then it may correct up to 19,038 - 18,906 / 5,801 - 5,768 levels.

Source : Equity Bulls

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