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

Indian markets are expected to open in the positive territory tracking a positive opening in SGX Nifty and most of the Asian markets.

The US markets closed moderately higher for the third consecutive session. The strength came in on the heels of release of batch of largely upbeat US economic data. The report from Institute for Supply Management said non-manufacturing index climbed to 58.6 in August from 56.0 in July vis-à-vis expected reading of 55.0. Also, the Labor Department released a report showing that initial jobless claims fell by more than expected in the week ended August 31st. The European markets too finished in positive territory after the European Central Bank and the Bank of England left their respective interest rates unchanged.

Meanwhile, Indian shares soared on Thursday after Raghuram Rajan's big-bang entry as India's new RBI chief strengthened the rupee, with the currency last trading up 84 paise at Rs. 66.24 per dollar. RBI unveiled a slew of measures, including a shift in focus to inflation control, market reforms, reduction of banks' requirement to invest in government securities in a calibrated way, steps to internationalize the rupee etc. to rescue the battered financial markets and bolster capital inflows.

The trend deciding level for the day is 18,981 / 5,590 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,116 - 19,252 / 5,628 - 5,664 levels. However, if NIFTY trades below 18,981 / 5,590 levels for the first half-an-hour of trade then it may correct up to 18,845 - 18,711 / 5,555 - 5,517 levels.

Source : Equity Bulls

Keywords