Market Outlook - January 8, 2013 - Angel Broking

The Indian market is expected to open flat to negative tracking the flat opening of SGX Nifty. Most of the Asian markets are trading in the red.

US stocks saw moderate weakness during trading on Monday, giving away some ground after moving sharply higher last week. However, the selling pressure was relatively subdued, and the market held on to the bulk of its recent gains. The major averages ended the day in negative territory but well off their lows for the session. The European markets finished in negative territory on Monday, as investors took profits following the strong gains at the end of the previous trading week. Investors are continuing to evaluate the potential impact of the debt ceiling situation in the US and are preparing for the beginning of the US earnings season.

Indian shares fell on Monday, with selling accelerating late in the session, weighed down by weakness in other Asian markets and European stocks as investors moved to the sidelines awaiting cues from central bank meetings in Europe and the UK this week and the fourth-quarter U.S. earnings season.

Markets Today

The trend deciding level for the day is 19,734 / 6,003 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,814 – 19,936 / 6,028 – 6,068 levels. However, if NIFTY trades below 19,734 / 6,003 levels for the first half-an-hour of trade then it may correct up to 19,612 – 19,532 / 5,963 – 5,938 levels.

Source : Equity Bulls

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