Indian Markets expected to open in green on Monday - Angel Broking

The Indian markets are expected to open in green tracking positive opening in most of the Asian markets, tracking a positive global lead after US indices notched another record finish on Friday.

US markets moved sharply higher over the course of the trading day on Friday, benefitting from some upbeat US economic data as well as comments from a Federal Reserve official. Thomson Reuters and the University of Michigan reported that the preliminary reading on their consumer sentiment index for May came in at 83.7 compared to the final April reading of 76.4, which is the highest level since July of 2007. A separate report from the Conference Board showed that its economic index rose by 0.6% in April following a revised 0.2% decrease in March.

Meanwhile Indian markets rose for a fourth straight session on Friday, driven by renewed FII buying, with power, capital goods and realty stocks led the gainers, while consumer durable, healthcare, metal and oil/gas stocks ended on a downbeat note. Sentiment improved late in the session amid reports global ratings agency Standard & Poor's has affirmed India's sovereign rating at BBB-minus with a negative outlook.

The trend deciding level for the day is 20,256 / 6,178 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,358 - 20,430 / 6,209 - 6,232 levels. However, if NIFTY trades below 20,256 / 6,178 levels for the first half-an-hour of trade then it may correct up to 20,185 - 20,083 / 6,156 - 6,124 levels.

Source : Equity Bulls

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