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

Posted On: 2013-04-02 21:33:19

The Indian market is expected to open in the red today mirroring the negative opening trades in the SGX nifty and most of the Asian bourses.

The US markets continued to perform well throughout the trading session on Tuesday and ended on a positive note. Positive sentiment on the Wall Street was generated by the release of a Commerce Department report showing a notable rebound in factory orders in the month of February. Traders also kept an eye on developments in Europe, where Cyprus was reportedly given an additional two years to meet the conditions of its bailout agreement. Most of the European bourses rallied higher on Tuesday, after returning from their four day Easter holiday weekend. Economic data from Europe and the U.S. contributed to the positive mood.

Meanwhile, Indian markets rose sharply on Tuesday, extending recent gains after the RBI rationalized investment limits for foreign investors in bonds in a bid to attract more foreign flows to plug the widening current account deficit. Investor sentiments were also improved after Finance Minister asserted that the government remains committed to reforms.

The trend deciding level for the day is 18,976 / 5,730 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,125 - 19,210 / 5,773 - 5,797 levels. However, if NIFTY trades below 18,976 / 5,730 levels for the first half-an-hour of trade then it may correct up to 18,891 - 18,742 / 5,705 - 5,663 levels.

Source: Equity Bulls

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