Markets are expected to open on negatve note led by weak global cues. Nifty broke 200 Daily Moving Average (DMA) yesterday indicating a bearish trend on the technical charts. SGX Nifty was down 28 points, at 5601.
Edelweiss in the morning note said, "Nifty’s close below the 200-Simple Daily Moving Average has triggered a sell signal, however owing to the near oversold conditions, the index is expected to drop down to the 5550 multiple swing support as well as the declining channel support."
Markets in Asia fell after weak cues from Wall Street. Dow Jones Industrial Average was once again within a hair of a return to 12,000 mark as mixed economic data and corporate earnings weighed.
Japan's Nikkei Stock Average sinked 0.9%, to 10,382 dragged by weakness in banking after Standard & Poor's downgraded Japan's sovereign debt, technology shares also weighed. Hong Kong's Heng Seng retreated to 23,627 as energy and metal shares dipped. China's Shanghai Composite slipped 0.3%, at 2,870.
