The Indian market is expected to open flat today with a positive bias, mirroring SGX Nifty which is trading marginally in the grain. Most of the Asian markets are trading in the positive zone with gains in the range of 0.3% to 1.3%. US markets rose higher on Friday buoyed by expectations of a mild recovery in the economy and hopes that the Federal Reserve would continue with loose monetary policy to support the growth. European markets too rose on Friday, tracking positive news from US and improvement in PMI for non manufacturing sector reported by China for January.
Key benchmark indices in India dropped in choppy trade after the results of a private survey showed that manufacturing output expanded at its slowest pace in three months in January 2013 as new orders grew at a weak pace and as power outages continued to hurt industrial activity. Sensex and Nifty sliding to the three week closing low.
The trend deciding level for the day is 19,828/6,012 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,920-20,058/6,0406,081 levels. However, if Nifty trades below 19,828/6,012 levels for the first half-an-hour of trade then it may correct up to 19,69019,598/5,9705,942 levels.
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