Indian Markets are expected to open in red tracking negative opening in SGX Nifty - Angel Broking

Indian markets are expected to open in the red today tracking negative opening trades in the SGX Nifty and most of the Asian markets.

US stocks saw considerable volatility on Wednesday, before ending the day in the red. The weakness seen at the close of trading on Wall Street came on the heels of the release of the minutes of the Federal Reserve meeting which seemed to confirm expectations that the Fed will begin tapering its asset purchase program at its next meeting in mid-September. The minutes of the Fed meeting largely overshadowed a report from the National Association of Realtors showing that existing home sales jumped to a three-year high in the month of July. Meanwhile, European stocks fell for a third consecutive session on Wednesday.

Indian shares erased early gains to end in the red on FII selling as the rupee continued its slide, dipping to a another record low of Rs. 64.45/dollar on the back of dollar demand from oil companies and amid worries over Fed policy as investors waited for hints from the July FOMC meeting minutes, due to be released later in the day.

The trend deciding level for the day is 18,094/ 5,358 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,380 - 18,854 / 5,448 - 5,594 levels. However, if NIFTY trades below 18,094/ 5,358 levels for the first half-an-hour of trade then it may correct up to 17,620 - 17,333 / 5,213 - 5,123 levels.

Source : Equity Bulls

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