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24 October, 2020 20:24 IST
Trend deciding level for Nifty is 8,029: Angel Broking
Source: IRIS | 12 Jun, 2015, 08.59AM
Rating: NAN / 5 stars.
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Indian markets are expected to open in red tracking SGX Nifty, according to Angel Broking. ''The trend deciding level for the day is 26,573 / 8,029 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 26,798-27,225 / 8,100-8,234 levels. However, if Nifty trades below 26,573 / 8,029 levels for the first half-an-hour of trade then it may correct towards 26,147-25,922 / 7,895-7,824 levels," it added.

U.S. markets rallied for the second consecutive day on the back of strong U.S. retail sales numbers. U.S. retail sales rose 1.2% in May after an upward revised 0.2% gain for April. U.S. Commerce department said that household purchases of automobiles and other goods contributed to such good numbers. While the other data point showed slight increase in new applications for unemployment benefits. This number remained in a range associated with tightening labor market.

European stocks pared their early gains after the IMF left negotiations due to lack of progress in reaching out any bailout agreement.

Concerns over weak monsoon and delay in the economic recovery, led Indian markets to close in red. Correction in the stock prices was seen across indices.

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