Indian Market is expected to open flat - Angel Broking

The Indian market is expected to open flat mirroring flat to positive opening in most of the Asian markets.

US markets ended on a flat note yesterday as Apple Inc.'s near 4% drop wiped out US$17bn off the bourses. A report stated that Apple had cut iPhone production plans because sales had come in below expectations. The European markets ended with a mixed result on Monday. They were positive early after Chicago Fed President Charles Evans said the US central bank should keep policy accommodative to boost employment while lawmakers and take steps to cut back spending. Meanwhile, investors will be watching for comments by US Federal Reserve Chairman Ben Bernanke today on the monetary policy and the US economy.

Indian shares rallied on Monday as the government deferred implementing the controversial GAAR by two years to April 2016. Moreover, India's WPI inflation eased marginally in December to 7.18% from 7.24% in the previous month, leaving space for RBI to ease monetary policy to support growth.

The trend deciding level for the day is 19,848 / 6,008 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,007 - 20,108 / 6,053 - 6,082 levels. However, if NIFTY trades below 19,848 / 6,008 levels for the first half-an-hour of trade then it may correct up to 19,747 - 19,589 / 5,979 - 5,933 levels.

Source : Equity Bulls

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