Pre-Market: Markets may see a negative opening

The Indian markets are likely too see a red opening on the back of negative cues from the Asian and US markets. The SGX Nifty which gives a market opening indication is trading down 35 points at 5,528. The investors may continue to remain on the fence as the markets continue to move sideways waiting for the election results to give any possible direction to the market.

Pinc Research in its daily technical report says that bottoming out process could be underway. On the upside 5600 continues to be an important immediate term resistance. However, the short term technicals are moving up slightly from oversold levels and this could induce a recovery in the coming sessions.

On the international front, the US slipped further as commodities stumbled and the Euro's decline spooked the already frayed nerves of the investors. Taking cues from this development overnight, the Asian markets too opened in the red. The top losers among the indices are Seoul Composite and Hang Seng down 1% each. The slump in the Hong Kong shares was mainly due to the Greek debt worries which snapped investor's risk appetite pulling down resource and finance sector stocks.

Also, the weekly inflation data is due today which may see some market reaction in the intra-day trades.