Indian Markets to open flat to negative as August IIP disappoints - Angel Broking

Indian markets are expected to open largely flat tracking flat to negative opening in most of the Asian markets as data out over the weekend showed a surprise drop in Chinese exports in September. In addition, August IIP data (for India) released on Friday came in at paltry 0.6% vs 2.8% in July.

US markets moved mostly higher on Friday benefiting from signs that lawmakers in Washington are making progress toward resolving the latest fiscal crisis and House Republicans were proposing a deal that would avert default and end the 11-dayold government shutdown. On the economic front, Thomson Reuters and the University of Michigan released a report showing that US consumer sentiment has continued to deteriorate in the month of October with index coming in at 75.2 compared to the September reading of 77.5. Meanwhile, European markets also ended higher on Friday on optimism that a deal on the debt-ceiling may be soon reached in the US, as the partial government shutdown enters the 11th day.

Indian markets sharply on Friday, with IT and realty stocks leading the rally, after Infosys reported healthy set of earnings results and capital market regulator SEBI issued draft regulations for setting up real estate investment trusts to increase the depth of India's real estate market in the country.

The trend deciding level for the day is 20,485 / 6,083 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,603 - 20,677 / 6,120 - 6,145 levels. However, if NIFTY trades below 20,485 / 6,083 levels for the first half-an-hour of trade then it may correct up to 20,411 - 20,294 / 6,059 - 6,022 levels.

Source : Equity Bulls

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