Indian markets are expected to open flat tracking flat opening in SGX Nifty - Angel Broking

Indian markets are expected to open flat today tracking flat opening in SGX Nifty and mixed opening in Asian markets.

While buying interest was somewhat subdued, US stocks closed modestly higher on Wednesday, benefited by a positive reaction to remarks by Federal Reserve Chairman Ben Bernanke. Bernanke reiterated that the central bank believes it would be appropriate to begin scaling back its asset purchase program later this year if incoming data is broadly consistent with projections. The Fed chief added that the asset purchase program could be wrapped up by mid-2014, although he stressed that asset purchases depend on economic and financial developments and are by no means on a preset course. Bernanke also said highly accommodative monetary policy will remain appropriate for the foreseeable future, reiterating remarks that triggered a rally last week. The majority of the European markets also ended Wednesday's session in the green following Bernanke's remarks.

Meanwhile, Indian shares ended a choppy session modestly higher on Wednesday, with defensive stocks leading the rally.

The trend deciding level for the day is 19,903/ 5,963 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,028 - 20,108 / 6,000 - 6,026 levels. However, if NIFTY trades below 19,903 / 5,963 levels for the first half-an-hour of trade then it may correct up to 19,824 - 19,699/ 5,937 - 5,900 levels.

Source : Equity Bulls

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