Indian Markets to track positive opening in SGX Nifty - Angel Broking

Indian markets are expected to open in the positive territory tracking positive opening trades in SGX Nifty and most of the Asian markets which are trading in positive zone in the early trade.

US markets closed higher extending the strong upward move that was seen over the course of the previous session. The strength on Wall Street came as traders continued to pick up stocks at reduced levels coupled with easing concerns about a Chinese credit crunch which further generated some buying interest. Traders also reacted positively to the Commerce Department's revised report on first quarter GDP, which showed 1.8% growth, well below the previous estimate of a 2.4% increase. European markets ended the day in green after a boost from the unexpected increase in German consumer confidence and managed to shrug off the unexpected downward revision to U.S. first quarter GDP.

Meanwhile, Indian shares erased the early gains since a weakening rupee hit all-time low of 60 per dollar reflecting renewed selling by foreign institutional investors, thereby increasing concerns over capital flows.

Markets Today

The trend deciding level for the day is 18,586/ 5,601 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,657 - 18,762 / 5,623 - 5,657 levels. However, if NIFTY trades below 18,586 / 5,601 levels for the first half-an-hour of trade then it may correct up to 18,481 - 18,410 / 5,567- 5,545 levels.

Source : Equity Bulls

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