Indian market to open in green - Angel Broking

The Indian market is expected to open marginally in the green tracing positive opening trades in the SGX Nifty and most of the Asian indices.

The US markets moved notably higher over the course of the trading day on Friday. The markets benefited from a positive reaction to the latest batch of earnings news, which overshadowed a disappointing housing report. Major European bourses ended the trading session on Friday in positive territory. The stronger than expected increase in German business sentiment and the news regarding bank repayment of LTROs were viewed positively. Comments from ECB President Mario Draghi also provided a boost to investor sentiment. The markets were largely able to shrug off the higher than expected decline in British GDP.

Meanwhile, the Indian markets rallied on Friday on growing hopes of at least 25 basis points cut in policy rates by the RBI in its upcoming monetary policy review on Tuesday. Reports that the RBI may issue final guidelines for new bank permits by next month and positive global cues following upbeat economic data from China, Europe and the U.S. also helped boost investor risk appetite.

The trend deciding level for the day is 20,054 / 6,057 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,179 - 20,254 / 6,099 - 6,123 levels. However, if NIFTY trades below 20,054 / 6,057 levels for the first half-an-hour of trade then it may correct up to 19,978 - 19,853 / 6,033 - 5,990 levels.

Source : Equity Bulls

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