Indian Markets to track higher opening in SGX Nifty and Asian Markets - Angel Broking

The Indian markets are expected to open flat to positive tracking flat in SGX Nifty while the other Asian markets are trading positive.

US markets ended Thursday's trading mostly higher, partly offsetting the weakness that was seen in the previous session. The strength on Wall Street came on the heels of the release of a batch of economic data that was though weaker than expected but was not bad enough to raise serious concerns about the economic outlook. Report released by the Labor Department showed that initial jobless claims climbed to 354,000 in the week ended May 25th from the previous week's revised figure of 344,000. A separate report from commerce department said that GDP increased at an annual rate of 2.4%in the first quarter compared to the previously reported 2.5% growth. The European markets pared their gains in the afternoon impacted by the unexpected downward revision of the U.S. GDP, but largely finished in the green on Thursday.

Meanwhile, Indian shares ended modestly higher reversing the early losses led by better than expected earnings from auto giants supporting the sentiment. However, the markets witnessed lackluster trading as traders rolled over positions in the futures and options segment.

The trend deciding level for the day is 20,179 / 6,110 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,291 - 20,366 / 6,148 - 6,172 levels. However, if NIFTY trades below 20,179 / 6,110 levels for the first half-an-hour of trade then it may correct up to 20,103 - 19,991 / 6,086 - 6,048 levels.

Source : Equity Bulls

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