12 Feb, 2016 (8:58AM IST)
Indian markets had suffered a great fall yesterday as the Indian Rupee fell with a thud against Dollar.
But SGX Nifty started rallying overnight during the session in U.S. markets as it became clear that the Federal Reserve was still considering more liquidity for markets. That will help emerging markets like India and also support their currencies against Dollar.
That is why SGX Nifty continued to pile on numbers and is higher by 90 points at the time of writing.
That means, Nifty could open near 7,050- 60 levels, which will be near its pivot point of the day, 7,048.
If Nifty survives above this level, then it will have chances of gaining more and try to recapture levels of 7,100 or 7,136 if global cues also support, especially European markets.
However, if bigger markets continue to decline then Nifty may not be able to hold on to its gains. In that case, it might trade lower after a high opening, swinging between 7,000 and 6,900 levels.
Right now, a positive session looks more possible for Indian markets today. However, traders should keep an eye on how rupee and global cues, then trade with the trend in Nifty.
Good luck, enjoy the session!