Indian markets are expected to open in the green tracking positive trade in the major Asian Indices like Nikkei, Hangseng and Shanghai which are higher by 0.4% to 0.6%. SGX Nifty too is currently trading higher by ~0.3%. US markets which opened marginally lower during the opening trade, ended the day higher after shrugging off some disappointing news from overseas, including weaker than expected readings on Chinese industrial production and retail sales. Lack of major U.S. economic news kept some traders on the sidelines, enabling the upmove in the markets.
However, European markets were mixed on Monday with poor economic data from China and downgrade of Italian credit by Fitch resulted in decline of some of the markets. Meanwhile India's Key benchmark indices fell marginally on Monday snapping the four-day gaining streak. The EXIM data released on Monday indicated that the country's trade deficit had reduced in February, which is a positive for the economy. The markets would keenly observe the economic data to be released pertaining to IIP and Inflation expected to be released during the week.
Markets Today:
The trend deciding level for the day is 19,668/5,948 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 19,733-19,820/5,966-5,989 levels. However, if Nifty trades below 19,668/ 5,948 levels for the first half-an-hour of trade then it may correct up to 19,581-19,516/5,925-5,907 levels.
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