Trend deciding level of Nifty for the day is 6523 - Angel Broking

The Indian Markets are expected to open in red tracking negative opening trades in SGX Nifty and most of the Asian markets.

After initially showing a lack of direction, US stocks moved mostly lower over the course of the trading day on Tuesday. The weakness on Wall Street came as traders cashed in on the recent strength in the markets amid a relatively quiet day in terms of corporate and economic news. Concerns about the outlook for the global economy may also have weighed on the markets following yesterday's disappointing Chinese trade data. Meanwhile, European markets remained mostly flat on Tuesday as traders remain cautious amid tensions in the Ukraine and signs that China's economic growth has slowed.

Despite firm global cues, Indian markets fell moderately on Tuesday as investors booked profits following five days of consecutive gains.

The trend deciding level for the day is 21,872 / 6,523 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 21,973 - 22,119 / 6,552 - 6,592 levels. However, if NIFTY trades below 21,872 / 6,523 levels for the first half-an-hour of trade then it may correct 21,726 - 21,626 / 6,483 - 6,454 levels.

Source : Equity Bulls

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