Indian Markets expected to open in red tracking SGX Nifty - Angel Broking

The Indian markets are expected to open in the red tracking negative cues from SGX Nifty and mixed opening in Asian markets.

US markets ended Monday's trading mostly higher, although US stocks fluctuated over the course of the trading day due to mixed reaction to a pair of disappointing economic reports. The fluctuations seen over the course of the session came as the disappointing manufacturing data raised concerns about the economic outlook but also eased worries about outlook for the Federal Reserve's asset purchase program. The Fed has indicated that it will not start scaling back its stimulus program until the data points to sustained economic growth and improvement in the labor market. Meanwhile, the European markets fell on Monday after manufacturing data from China and the United States came in weaker than anticipated. However, manufacturing data from Europe was better than expected. Investor sentiment was also impacted by concerns about the Fed tapering its stimulus measures. Investors will be watching for the release of the U.S. jobs report for May at the end of the trading week.

Meanwhile, Indian shares ended lower weighed down by weak global cues and disappointing auto sales and PMI data. Also, the rupee erased its early gains and provisional data showed foreign institutional investors turned net sellers in Indian equities on Friday, dampening investor sentiment.

The trend deciding level for the day is 19,671 / 5,956 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,800 - 19,989 / 5,995 - 6,050 levels. However, if NIFTY trades below 19,671 / 5,956 levels for the first half-an-hour of trade then it may correct up to 19,482 - 19,353 / 5,900 - 5,861 levels.

Source : Equity Bulls

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