Indian Markets to open flat to positive - Angel Broking

The Indian market is expected to open flat to positive, mirroring SGX Nifty which is trading marginally higher in the opening trades. Other Asian markets had a mixed opening today with markets remaining alert for G-7/G-20 meeting.

The US markets ended mostly higher after a lackluster performance through the day. Reports showing contractions in fourth quarter GDP in Germany, France, and Japan led to renewed concerns about the global economy. German GDP fell by 0.6% in the fourth quarter, while French GDP dropped by 0.3; both decreases were slightly steeper than expected. A separate report showed that Japanese GDP edged down by 0.1% in the fourth quarter compared to economists' estimates of a 0.1% growth. However, an upbeat jobs report from the US helped to offset the negative sentiment, with the Labor Department report showing that initial jobless claims fell to 341,000, a decrease of 27,000 from the previous week's revised figure of 368,000.

Meanwhile Indian markets fell in yesterday's trading session as concerns over high current account deficit and caution ahead of the upcoming Union Budget overshadowed data showing continued moderation in inflation (6.62%).

The trend deciding level for the day is 19,527 / 5,907 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,610 - 19,723 / 5,930 - 5,963 levels. However, if NIFTY trades below 19,527 / 5,907 levels for the first half-an-hour of trade then it may correct up to 19,414 - 19,332 / 5,874 - 5,852 levels.

Source : Equity Bulls

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