Markets are expected to open lower on back of weak global cues. the Nifty futures on the Singapore Exchange fell 36 points, at 5686.
Nifty showed good recovery from support near 5625 levels and closed above 5700 levels on Thursday. Puneet Kinra – Senior Technical Analyst (Equity Research), Bonanza Portfolio said, "Nifty’s very short term trend has turned up. However, Result of Reliance Industries may have significant effect on market sentiments. Volatility is likely to continue till Nifty sustains well above 5850 level." Kinra added for daily Purpose, trend deciding level is 5710-5730. If Nifty shows strength above 5730 level, then rally to 5850 levels on the higher side may be seen."
Asian markets were trading mostly lower as resource shares lost ground. Hong Kong's Heng Seng was trading flat at 24,002 dragged by losses in commodity shares as economic data from China continued to raise concerns that Beijing would tighten further. China's Shanghai Composite was up marginally higher by 0.6%, at 2,694.
Japan's Nikkei Stock Average was off 0.9%, at 10,347, metal shares were leading the losses.