Nifty to trade in 5560-5480 range: Magnum

Magnum has come out with its report on Indian markets. The research firm says Nifty is expected to trade between 5560-5480 with downward biasness.

Indian markets recorded their biggest single day fall since late February on Friday after lower than expected revenue guidance from Infosys raised concerns about the outlook for the software services exporting sector. Indices closed down for a second straight week, having fallen in six of the last eight trading sessions. The index lost 1.1 percent this week, with foreign investors selling shares worth a net 269 million rupees over six days to Wednesday. BSE Sensex closed down 1.62 percent, or 299.64 points, at 18,242.56, posting its biggest single-day fall since February 26. Concerns about the economic outlook and political stability have sparked a sell off in shares.

Data on Friday showed sluggish industrial output, although a separate report showing slowing consumer inflation raised hopes the central bank may cut interest rates next month. Those hopes lifted banking shares such as ICICI Bank Ltd although the gains were not enough to offset steep falls in technology stocks following the Infosys results. Wholesale inflation data due on today will set the tone for this week. Wholesale prices are expected to have risen 6.40 percent in March from a year earlier European shares closed sharply lower on Friday, with investor sentiment knocked by worries about Cyprus's bailout and disappointing U.S. retail data.

US Stocks recovered from their lows but still finished slightly lower Friday, breaking a four-day winning streak, weighed by a batch of disappointing economic reports and a day after the Dow and S&P 500 posted record highs. Global cues are negative today with them SGX Nifty is showing 25 points cut in morning trade indicating that Indian market would open soft today and Nifty is expected to trade between 5560 and 5480 with downward biasness.

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