Trend deciding level for the day is 19,307 / 5,880 levels - Angel Broking

The Indian markets are expected to open flat to positive mirroring flat opening trades in the SGX Nifty and most other Asian markets.

The US markets showed in a mixed performance on Friday on the back of disappointing data on first-quarter economic growth and a mixed response to the latest batch of earnings. GDP expanded at a 2.5% (as against an expectation of 3.1%) annual rate in the first quarter, according to new government statistics, up 0.4 percent from fourth quarter of 2012. Meanwhile, the European markets ended Friday's session in negative territory, snapping its recent upward trend. The pull back was largely attributed to profit taking following this week's strong run. The gains accumulated this week were largely due to speculation that the ECB will cut rates at its upcoming meeting next week.

Meanwhile, Indian markets on Friday, as investors awaited cues from the Reserve Bank of India's monetary policy meeting due this week. A broader rebound in commodities, the rupee's weakness on the back of month-end importer demand for dollars and weak European stocks following five straight sessions of gains also kept investors at bay.

The trend deciding level for the day is 19,307 / 5,880 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,365 - 19,442 / 5,899 - 5,926 levels. However, if NIFTY trades below 19,307 / 5,880 levels for the first half-an-hour of trade then it may correct up to 19,229 - 19,172 / 5,852 - 5,833 levels.

Source : Equity Bulls

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