Markets may open on a subdued note following mixed global cues and Brent crude surging above $121/bbl. The Nifty futures on the Singapore Exchange were trading at 5948, up one point.
The crude advanced to the highest level since 2008 crimping market gains across Asia. Brent was hovering around $121/bbl due to unrest Yemen and elections in Nigeria.
Markets in United states edged higher on thin volume, technology shares weighed. The Dow Jones industrial average crept to 12,400, up 0.2%, the Standard & Poor's 500 index surged 0.03% and The Nasdaq composite fell 0.01%. In Asia, Japan's Nikkei Stock Average was declined 1.2%, at 9,606 due losses in auto shares on back of suppy worries after Toyota Motor Corporation said that they would halt production in North America due to parts shortages. Hong Kong's Heng Seng index was up 1.5%. China's Shanghai Composite was also 1.3%. However, South Korea's Kospi Composite was down 0.3%.
Markets may succume to profit booking after rising 1.5% yesterday. Edelweiss Research in the morning note said, "it is strongly advisable to lighten up on long positions. One could also look at initiating speculative shorts with a stop-loss above 6000 for a test of supports at 5800-5700. In the event of a breakout of the falling trend line resistance of 5940, Nifty can further extend the rally towards 6100 but this remains a low probability case under current technical setup."
Oil Marketing Companies will be closely watched after crude spiked above $121/bbl.