SGX Nifty trading flat - 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 moved mostly higher during trading on Thursday after ending the previous session roughly flat. The markets benefited from a positive reaction to the latest earnings news as well as some upbeat employment data. The Labor Department report showed that initial jobless claims fell to 339,000, a decrease of 16,000 from the previous week's revised figure of 355,000. Meanwhile, the European markets extended their recent upward trend to a fifth consecutive session on Thursday on expectations of rate cut by the ECB at their upcoming meeting next week. The better than expected British GDP result and the bigger than expected decline in U.S. jobless claims also contributed to the positive mood.

Meanwhile, Indian markets edged sharply higher to a six-week high on Thursday, primarily lifted by aggressive buying in rate-sensitive stocks on continued hopes that the Reserve Bank of India will cut interest rates next week for a third time this year.

The trend deciding level for the day is 19,345 / 5,898 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,497 - 19,587 / 5,943 - 5,969 levels. However, if NIFTY trades below 19,345 / 5,898 levels for the first half-an-hour of trade then it may correct up to 19,254 - 19,102 / 5,872 - 5,827 levels.

Source : Equity Bulls

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