The markets may open flat with a negative bias due to the negative global cues and the SGX Nifty trading down 21 points at 5,575. According to many brokerage houses, the Indian markets may continue to be in a bear grip as the RBI rate hike implications continue to spook the markets. The Nifty trading below the 200 DMA for three consecutive days and the FIIs turning net sellers in the past trading sessions will continue to add pressure on the Indian equity market.
Technical analyst, Prakash Gaba says, "Technically there is no sign of strength but the market could see some sluggishness in the weakness and may hold ground around the the psychological 5500 mark"
Taking cues from the developments in the US markets overnight, all the Asian indices are trading in the negative. The top losers for the day are Jakarta Composite, Shanghai Composite and Hang Seng down 0.4% each. This drop was maily caused due to the sharp fall in the commodity prices. The Hang Seng index has closed in the negative for the past six trading sessions.
The results to watch out for the day are Canara Bank, Andhra Bank, Kotak Mahindra Bank, Bharti Airtel and Cipla
