The Indian markets may see a positive opening as the SGX Nifty is up 31 points at 5,479. After eight consecutive days of market ending in red and the Nifty trading below the 200 DMA mark for four trading sessions in a row there might some respite today as the brent crude fell from $124 to $112. India imports most of its oil requirements so this fall will boost the Oil & Gas index which is one of the heavyweights in the market.The rise in crude oil prices was a major concern weighing on the markets thus far.
On the global front, The US markets ended the day lower. The Dow Jones industrial average dropped 0.83% to 12,618. and The Nasdaq Composite Index dipped 0.1% to 2,825. The fall can be attributed to a weak labor market report which fueled new fears about the strength of the economic recovery and energy shares tumbling with the fall in the price of oil. Taking cues from this development the Asian markets too opened in the red. The top loser was the Seoul Composite and Japanese stocks which returned from a long holiday. The benchmark Nikkei Stock tumbled 1.8% to 9,822.
Angel Broking in its morning report noted 'The trend deciding level for the day is 18,313/5,488 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,466–18,722/5,532–5,605 levels. However, if Nifty
trades below 18,313/5,488 levels for the first half-an-hour of trade then it may correct up to 18,058–17,905/5,416–5,371 levels.'
Muthoot Finance debuts today in the equity market.The initial public offer (IPO) has been priced at the top end of Rs 160-175 per share price band.
