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Markets may open on a flat note

Nifty Future Tips | Markets may open on a flat note

Indian equity markets after a long weekend may open on a flat to negative note following weakness in the Asian markets. The bearish trend in the SGX Nifty, which was trading down by 3 point to 9,152, indicated that Nifty may open flat to negative.
Nifty50 has breached its upward rising trendline support formed by joining levels of 8,713, 8,904 and 9,024. Now, going forward, immediate support for Nifty50 stands near about the levels of 9,130-9,135 which is also its 21-day EMA level. However, if bears manage to pierce this support level, it may open up for correction up to the level of 9,060. On the upside, the levels of 9,190-9,200 may act as a resistance levels.
The government is slated to release wholesale price-based inflation for March today. The Indian wholesale price for February 2017 came in at 6.55%, WPI inflation was 5.25% in January, 2017.
Back home, on Thursday, Indian market ended lower and Sensex posted its biggest weekly loss of the year 2017, after IT bellwether Infosys gave lower-than-expected annual revenue guidance which raised concerns at the start of the March quarter earnings.
The US financial markets were closed on Friday on account of Good Friday.
Asian markets have edged lower on Monday. Japan’s Nikkei 225 has slipped 81 points. China’s Shanghai Composite has fallen 27 points in morning trade. Data on China’s January-March quarter gross domestic product is due today. The world’s second-largest economy is expected to grow 6.8% in the January-March quarter, according to a Bloomberg survey of economists. Hong Kong’s equity market remain closed today on account of Easter holiday.