Indian Markets expected to open flat on Wednesday - Angel Broking

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

The US markets extended the downward trend of past few sessions due to selling pressure seen late in the trading day, reflecting renewed uncertainty about the outlook for the markets following the volatility seen over the past week. The uncertainty over the outlook for the Fed's asset purchase program also weighed on the markets, as mixed remarks from Fed officials already have traders looking ahead to the October meeting. On the economic front, the Conference Board released a report this morning showing a drop in U.S. consumer confidence in the month of September. The Conference Board said its consumer confidence index dipped to 79.7 in September from an upwardly revised 81.8 in August. Economists had been expecting the index to edge down to 80.0. Meanwhile, the majority of the European markets ended Tuesday's session with modest gains. However, the markets pared their gains in the afternoon, following the release of a pair of weaker than expected U.S. economic reports.

Indian markets rose marginally on Tuesday, as investors went bargain hunting following two days of steep losses due to hike in rates by Reserve Bank of India, thereby raising concerns over growth.

The trend deciding level for the day is 19,918 / 5,895 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,053 - 20,185 / 5,936 - 5,979 levels. However, if NIFTY trades below 19,918 / 5,895 levels for the first half-an-hour of trade then it may correct up to 19,785 - 19,650 / 5,852 - 5,811 levels.

Source : Equity Bulls

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