Indian markets are expected to open higher today - Angel Broking

Indian markets are expected to open higher today in spite of flat opening in SGX Nifty and mixed opening in Asian markets after the government opened the doors to greater foreign direct investment.

US markets moved modestly lower over the course of the trading day on Tuesday, after trending higher over the past few weeks. There were renewed concerns regarding the Federal Reserve's stimulus program which inspired some traders to sell-off. The weakness was partly in reaction to Kansas City Federal Reserve President's remarks against the recent policy actions. Today, the markets would look forward to Fed Chairman Ben Bernanke's testimony before the House Financial Services Committee. Meanwhile European markets ended Tuesday's session in the red affected by the unexpected decline in the German ZEW investor confidence.

Meanwhile, Indian shares fell sharply on Tuesday as RBI's liquidity-tightening measures to curb speculation in the forex market diminished hopes of further interest rate cuts.

The trend deciding level for the day is 19,797/ 5,944 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,945 - 20,038 / 5,977 - 5999 levels. However, if NIFTY trades below 19,797 / 5,944 levels for the first half-an-hour of trade then it may correct up to 19,704 - 19,556/ 5,922 - 5,889 levels.

Source : Equity Bulls

Keywords