Indian markets likely to open positive, says Angel Broking

Indian markets are expected to open on positive note tracking the SGX Nifty and Asian peers.

US markets continued its uptrend, closing in positive territory for the third consecutive session. The Nasdaq outperformed its counterparts by a wide margin after tech giants Google, Microsoft and Amazon announced better-than-expected results.

Overall trading activity, however, remained somewhat subdued as traders looked ahead to next week's Federal Reserve meeting.

European markets ended with modest gains led by optimism for a Greek debt deal at the meeting of Eurozone finance ministers in Latvia and the strong German business confidence data.

Indian markets continued to witness profit booking led by weak earnings, uncertainty over tax issues and worries over below-average monsoon.

Markets Today

The trend deciding level for the day is 27,537 and 8,331 levels for Sensex and Nifty, respectively.

If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 27,730 - 28,022 / 8,388 - 8,471 levels.

However, if Nifty trades below 27,537 / 8,331 levels for the first half-an-hour of trade then it may correct towards 27,245 - 27,053 / 8,248 - 8,191 levels.