Nifty may open in the green and test 5600 on back of strong cues from Asian markets. The Nifty futures on the Singapore Exchange have risen 46 points to 5600.
Easing oil prices lifted investor sentiment and ignited rally on Wall Street. Dow Jones Industrial Average clocked its highest gains since December 1st bouyed by strong employment data. Unemployment claims fell by 20,000 to 368,000 for the week ended February 26. The Dow Jones Industrial Average surged 1.6%, at 12,258; the S&P 500 Index surged 1.7%, at 1,331 and the Nasdaq Composite Index added 1.8%, at 2,799.
Asian markets were trading higher led by solid overnight gains on Wall Street. Hong Kong's Heng Seng was up 1.1% on back of buying across sectors; banking and energy shares were the biggest gainers. Japan'e Nikkei 225 was up 1.6% supported by exporter shares and South Korea's Kospi Composite advanced 0.8%. However, China's Shanghai Composite was marginally in the red, down 0.1%.
Technical charts indicate that the Indian markets are poised for marginal upside. Edelweiss in the morning note said, "the short-term uptrend in Nifty is likely to extend towards 5590-5600 where the 50-DEMA (Daily Exponential Moving Average) and 200-DEMA are likely to present stiff challenge. In case of a break of the barrier, a burst towards 5635-5650 is in the offing. On the downside the index is well supported at 5435 (50-HEMA-Hourly Exponential Moving Average) and 5400."