SGX Nifty and Asian bourses trading lower - Angel Broking

The Indian markets are expected to open in the red following negative opening trades in the SGX Nifty and across major Asian bourses.

The US markets continued to experience volatility over the course of the trading session on Thursday before ending the day mostly higher. The volatility was due to uncertainty ahead of the release of the Labor Department's monthly jobs report on Friday. The report could have a substantial impact on the near-term outlook for both the economy and the Federal Reserve's stimulus program as Fed officials have suggested that signs of sustained improvement in the labor market could lead the central bank to scale back its asset purchase program within the next few meetings. Meanwhile, the European markets finished to the downside on Thursday, after the ECB and BoE left their respective interest rates unchanged.

Indian markets edged lower on Thursday, mirroring weak global cues as investors were reluctant to make big bets ahead of Friday's all-important US monthly jobs report, which will give clues to the next move from the Fed at its upcoming policy meeting on June 18-19.

The trend deciding level for the day is 19,517 / 5,916 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,638 - 19,757 / 5,962 - 6,003 levels. However, if NIFTY trades below 19,517 / 5,916 levels for the first half-an-hour of trade then it may correct up to 19,398 - 19,277 / 5,875 - 5,829 levels.

Source : Equity Bulls

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