SGX Nifty opens positively, Indian Markets to follow suite - Angel Broking

Indian markets are expected to open in the green tracking positive opening in SGX Nifty which is trading higher by 0.7%. Most of the other Asian markets are also trading in the green.

US markets declined on Monday as concerns over government shutdown intensified with the lawmakers wrangling over the passage of emergency spending bill. While the US senate has rejected a bill that would have financed operations until mid-December, the bill passed by the Republican-dominated House of Representatives, has called for a one-year delay in the implementation of the President Obama's landmark health care reform bill. Concerns over government shutdown resulted in markets ignoring positive economic data such as improved growth in manufacturing activity in Chicago during September and a rise in Chicago purchasing managers index for September to 55.7 from 53.0 in August. European markets too fell on Monday due to concerns over possible shutdown in US.

Indian markets too reacted negatively to the ongoing developments in US. The markets remained weak throughout Monday tracking weak Asian and European markets.

The trend deciding level for the day is 19,433 / 5,755 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,545 - 19,764 / 5,791- 5,846 levels. However, if NIFTY trades below 19,433 / 5,755 levels for the first half-an-hour of trade then it may correct up to 19,215 - 19,102 / 5,699 - 5,663 levels.

Source : Equity Bulls

Keywords