Indian Markets expected to open flat on mixed opening acorss Asian Markets - Angel Broking

The Indian markets are expected to open flat mirroring flat opening trades in the SGX Nifty and mixed opening across major Asian bourses.

The US markets, after moving mostly higher over the course of the three previous sessions, showed a lack of direction throughout the trading session on Wednesday. The lackluster performance came as traders remained uncertain about the nearterm outlook for the markets. Meanwhile, the European markets extended their recent gains to a fourth consecutive session on Wednesday. The larger than expected decrease in German business confidence added to speculation that the ECB might cut rates in its upcoming meeting scheduled next week on Thursday.

Meanwhile, Indian markets were closed yesterday on account of a holiday. On Tuesday, Indian markets reversed early losses to end largely unchanged ahead of the F&O expiry slated for Thursday. The Indian economy has bottomed out and growth will pick up to 6.4% in the current fiscal, PMEAC Chairman Rangarajan said while releasing the Economic Review for 2012-13, helping spur some buying late in the session.

The trend deciding level for the day is 19,144 / 5,824 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,246 - 19,312 / 5,857 - 5,877 levels. However, if NIFTY trades below 19,144 / 5,824 levels for the first half-an-hour of trade then it may correct up to 19,078 - 18,976 / 5,804 - 5,772 levels.

Source : Equity Bulls

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