Indian Markets might open flat tracking negative Asian Markets - Angel Broking

The Indian markets are expected to open flat tracking flat to negative opening in most of the Asian markets, tracking a lackluster trading session at global indices yesterday and caution over US monetary-policy stance may lead investors to take profits.

US markets ended modestly lower in yesterday's trading session as recent comments from some Fed officials have suggested that the central may taper its asset purchase program sooner than previously anticipated, although that has not stopped traders from continuing to buy stocks. Later in the week, trading is likely to be impacted by the release of key reports on new and existing home sales, weekly jobless claims, and durable goods orders.

Meanwhile Indian markets reversed direction to end modestly lower on Monday. The dominating factor at the moment is the strengthening of the US dollar (with the rupee trading weak close to 55 levels ) as signs of an improving US economy led to speculation that the Federal Reserve may be close to winding down its massive bond-buying program earlier than expected.

The trend deciding level for the day is 20,287 / 6,177 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,387 - 20,544 / 6,209 - 6,261 levels. However, if NIFTY trades below 20,287 / 6,177 levels for the first half-an-hour of trade then it may correct up to 20,130 - 20,030 / 6,125 - 6,094 levels.

Source : Equity Bulls

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