Nifty may correct upto 5918-5897: Angel Broking

Written By Unknown on Jumat, 08 Februari 2013 | 10.54

Angel Broking has come out with its report on Indian markets. According to the research firm, if Nifty trades below 5948 levels for the first half-an-hour of trade then it may correct up to 59185897 levels.

The Indian market is expected to open flat with a negative bias, mirroring SGX Nifty which is trading marginally lower in the opening trade. Major Asian indices - Hang Seng and Shanghai are flat, while Nikkei is trading lower by 1.3%. Meanwhile in the US, key benchmark indices ended lower on Thursday, although they staged a strong recovery from the lows of the day.

The weakness in US markets was partly due to uncertainty about the financial situation in Europe following comments by European Central Bank President Mario Draghi. Major European indices such as FTSE 100 and CAC 40 too ended the day lower by 1.06% and 1.15% respectively. The Indian markets continued to slide due to macro-economic concerns, with the Central Statistics Office (CSO) projecting India's growth rate for 2012-13 to be at a decade low of 5% (vs 6.2% in 2011-12). The CSO's estimates are much lower than even the RBI's estimates of 5.5%.

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