Markets are expected to open lower tracking subdued global cues and may remain jittery ahead of the US Federal Reserve Ben Bernanke's speech. The Nifty futures on the Singapore Exchange were down 37 points, at 5509.
Given the weak economic data from the US economy, analysts expect Federal Reserve Chairman Ben Bernanke to talk about Quantitative Easing part three when he delivers speech on US economic outlook on Tuesday. Last year in November the Federal Reserve injected $600 billion into the system by buying bonds to propel the US economy. Markets across the world will closely watch Bernanke's speech.
Across Asia markets were trading mixed. Hong Kong's Hang Seng slipped 1.6% as it was catching up to losses led by disappointing U.S. jobs data at the end of last week. South Korea's Seoul Composite plummeted 1%. The sell off seen today is mainly in the financials which were the worst performers since the past few trading sessions. Japan's Nikkei stock average and Shanghai Composite held on to marginal gains.
Back in India market Analysts expect range bound trade. Ashish Chaturmohta, Vice President - Derivatives and Technical Analyst said, "Nifty has crucial support around 5440 level, below which selling could be intense. Also the put maximum concentration is seen at 5400 strike price, suggesting an important level for the market. On the upside, if Nifty sustains above 5600 levels on closing basis, it may lead to marginal short covering the market."
Among individual stocks Oil India will be closely watched on news report that it plans new overseas subsidiary following its experience in Libya. Also UTV Software will be closely watched on the buzz that Walt Disney may hike stake in the company.
