The Indian markets may see a positive opening on the back of favourable cues from the Asian markets. The SGX Nifty is trading flat at 5,260.
In the US markets too the stocks rose on Monday as the latest development to reduce Greece's debt helped draw buyers and the S&P 500 touched a key support level, but anemic volume signaled the recent weakness may not be over. The Dow Jones industrial average climbed 0.6% to end at 12,080. The Standard & Poor's 500 Index 0.54% to 1,278 and the Nasdaq Composite Index gained 0.5% to 2,630 at the close.
Taking cues from these developments overnight, the Asian markets too started on a positive note. The top gainers in the trades are Nikkei up 0.9% followed by Straits Times, Jakarta Composite and Hang Seng gaining between 0.4-0.6%.
Angel Broking in its morning reports states that the trend deciding level for the day is 17,627/5,277 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17,940 - 18,373/5,358 - 5,459 levels. However, if NIFTY trades below 17,627/5,277 levels for the first half-an-hour of trade then it may correct up to 17,194 - 16,881/5,177 - 5096 levels.
The stocks to watch out for the day are Reliance Infrastructure which is bought back 1 lakh shares yesterday under the buyback program. ADAG pack shares, Shriram Transport, Claris Lifesciences and UCO Bank are some of the other scrips which may see some activity for the day.