Indian Markets expected to track SGX Nifty and open in red - Angel Broking

Indian markets are expected to open in the red today tracking negative opening in the SGX Nifty which is down by 1.4%. Other Asian markets too are trading in the negative territory.

United States (US) markets moved sharply lower over the course of the trading day on Tuesday, extending the decline seen late in the previous session. Worries about recent developments regarding the situation in Syria continued to weigh on the markets. The decline in the markets was due to concerns that the US is moving closer to taking military action in Syria in response to reports that the Syrian government used chemicals weapons. Meanwhile a report from Standard & Poor's showed that home prices in major US metropolitan areas rose by a seasonally adjusted 0.9% in June after rising by 1% in May. Another report released by Conference Board showed that consumer confidence unexpectedly saw a modest improvement in the month of August. European markets too ended lower concerned over the developments in Syria.

Indian markets plunged on worries that the passage of the Food Security Bill in Lok Sabha, would worsen the country's fiscal deficit situation.

The trend deciding level for the day is 18,117/ 5,330 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,312 - 18,656 / 5,444 - 5,412 levels. However, if NIFTY trades below 18,117/ 5,330 levels for the first half-an-hour of trade then it may correct up to 17,773 - 17,578 / 5,232 - 5,177 levels.

Source : Equity Bulls

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