Indian Markets to open higher tracking positive opening in SGX Nifty - Angel Broking

Indian markets are expected to open in the positive tracking the positive opening trades in the SGX Nifty and most of the other Asian markets.

The US markets after moving sharply higher in early trading continued to perform well throughout the session on Thursday with traders reacting positively to a batch of largely upbeat economic data. The strong gains on the day lifted the Dow and the S&P 500 to new record closing highs, with the S&P 500 closing above 1,700 for the first time. The major averages held on to strong gains going to the close, finishing the session near their best levels of the day. Meanwhile, the European stock markets gained ground on Thursday, with banks and miners pacing the gainers, as investors cheered China's better-than-expected official PMI data, solid earnings reports and the U.S. Federal Reserve's latest monetary policy decision to leave its bond-buying program unchanged at $85 billion a month.

Meanwhile, Indian shares ended an extremely choppy session modestly lower on Thursday despite firm Asian and European cues. Investor sentiment took a hit after Goldman Sachs downgraded its rating on Indian stocks to "underweight" and Financial Technologies-promoted National Spot Exchange (NSEL) suspended trading in all contracts except "e-series" until further notice because of poor volumes on the exchange following a government order. The NSEL said that it would announce a revised settlement calendar for settling all pending contacts after expiry of 15 days.

The trend deciding level for the day is 19,352/ 5,738 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,534 - 19,751 / 5,799 - 5,869 levels. However, if NIFTY trades below 19,352 / 5,738 levels for the first half-an-hour of trade then it may correct up to 19,135 - 18,954 / 5667 - 5,606 levels.

Source : Equity Bulls

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