The Indian market is expected to open flat today, tracing the marginally negative opening trades in the SGX nifty and the mixed opening across major Asian bourses. The US markets ended the day lower on Monday after showing a notable move to the upside last week. The weakness came following the release of report from Institute for Supply Management showing a notable slowdown in the pace of growth in the manufacturing sector which fell to 51.3 in March from 54.2 in February.
The disappointing manufacturing report overshadowed a separate report from the Commerce Department showing a notable rebound in construction spending. Meanwhile, Indian markets rose on Monday despite weak Asian cues and disappointing economic data. India's CAD widened to a record high 6.7percent of GDP in the 3QFY13, however, it failed to have any considerable impact on investor sentiment. Investors also shrugged off disappointing manufacturing PMI data after a knee-jerk reaction.
Markets Today:
The trend deciding level for the day is 18,874/5,700 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,951-19,036/5,725-5,745 levels. However, if Nifty trades below 18,874/5,700 levels for the first half-an-hour of trade then it may correct up to 18,788-18,711/5,680-5,655 levels.
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