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Market Commentary
Trend deciding level for the day is 19,976 / 5,917 levels - Angel Broking
Posted On : 2013-09-23 20:30:16( TIMEZONE : IST )
Indian markets are expected to open flat with a negative bias tracking flat to negative opening in most of the Asian markets.
The US market moved moderately lower over the course of the trading day on Monday, due to continued profit booking by traders; however, selling pressure remained relatively subdued limiting the downside of the markets. The Dow and Nasdaq fell 0.3% each while the S&P 500 was down by 0.5%. While the market continued to digest the Fed's surprise decision to maintain the pace of its asset purchase program, the recent comments from Fed officials have already made the markets wary of the next meeting in late October. Also, the standoff over Obamacare could result in a government shutdown if a new continuing resolution is not passed before funding runs out next week. With the Fed focused on incoming economic data, today's trading may be impacted by reaction to reports on U.S. home prices and consumer confidence. Meanwhile, the European markets got off to a good start after the victory of Angela Merkel in Germany over the weekend and the positive manufacturing data released by China, but ended the day in the negative territory.
Indian markets fell sharply for a second consecutive day on Monday, with banks extending Friday's declines, after the Reserve Bank of India surprised the markets last week by taking a hawkish stance, thereby raising concerns over growth. Investors fear further rate hikes by the central bank if inflation continues to be on the higher side. Also, the Rupee traded weak at 62.61 per dollar, further dampening investor sentiment.
The trend deciding level for the day is 19,976 / 5,917 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,125 - 20,349 / 5,962 - 6,035 levels. However, if NIFTY trades below 19,976 / 5,917 levels for the first half-an-hour of trade then it may correct up to 19,752 - 19,602 / 5,844 - 5,799 levels.
