Markets are expected to open marginally lower due to lack of any strong trigger and weak global cues. The Nifty futures on the Singapore Exchange declined 10 points, at 5480.
Foreign Institutional Investors have turned Jittery as they have been net sellers over $1 billion in Indian equities due to high inflation and hawkish stance of the central Bank.
Technical analysts expect further downside for the markets as they are trading below all the key moving averages. Edelweiss in the morning note said, “The ‘bear flag’ continuation pattern is still in play as there may be an eventual break down of last week’s range trade. Hourly momentum oscillators have again rolled bearish and the daily oscillators continue to point lower.”
Asian stocks were trading mostly lower on Tuesday morning amid signs of a slowdown in the United States which dragged the global stocks and oil prices lower. Japan's benchmark Nikkei average was down 0.4% over concerns of compensation pay out at the nuclear power plant and losses in auto shares. Hong Kong's Hang Seng fell 0.4% led by losses in resource shares. China's Shanghai Composite index slipped 0.2%