Indian Stocks expected to open in the negative today - Angel Broking

Indian shares are expected to open in the negative today, tracking weakness in the SGX Nifty and most of the Asian indices.

US Stocks moved down over the course of the trading day on Wednesday after failing to sustain an initial upward move amid lingering concerns about the outlook for the Federal Reserve's stimulus program. Concerns about the civil unrest in Turkey also weighed on the markets. Meanwhile, the European markets extended their recent losses to a third consecutive session due to stimulus worries, as investors globally fear that other central banks may follow the Bank of Japan's inaction. European markets were up in early trade after some M&A activity, the better than expected Eurozone industrial production data and the larger than expected decline in British jobless claims. However, the markets were unable to hold on to those gains and ended the session in negative territory.

Back home, Indian shares joined a global selloff in equities and commodities to end modestly lower for the day as the lack of further action from the Bank of Japan to curb volatility in bond markets fueled concerns that global central banks may be less forthcoming with additional monetary stimulus.

The trend deciding level for the day is 19,051 / 5,764 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,133 - 19,225 / 5,789 - 5,818 levels. However, if NIFTY trades below 19,051 / 5,764 levels for the first half-an-hour of trade then it may correct up to 18,959 - 18,877 / 5,735 - 5,710 levels.

Source : Equity Bulls

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