Nifty to trade between 5740-5640: Magnum

Magnum Research has come out with its report on Indian markets. The research firm says Nifty is expected to trade between 5740-5640 range with positive biasness.

Indian markets fell for a sixth consecutive session on Friday to its lowest close in four months as blue chips such as State Bank of India continued to reel from concerns about political instability and doubts over the prospect of future rate cuts. BSE Sensex fell 0.3 percent, or 57.27 points, to end at 18,735.60. The index fell 3.6 percent for the week, marking a second week of losses. NSE Nifty fell 0.13 percent, or 7.40 points, to end at 5,651.35, falling for a sixth day, and marking its biggest losing streak since seven sessions of falls ending November 19, 2012.

The Nifty also fell 3.8 percent for the week, marking its biggest weekly loss since Dec, 2011. Falls also tracked Asian shares which hovered near their lowest in nearly three months as Cyprus scrambled to avoid a meltdown of its banking system and a possible exit from the euro zone. The RBI's cautious stance on future rate cuts and the DMK's withdrawal in the ruling UPA coalition have left investors concerned about economic growth and the prospect of additional fiscal reforms, with benchmark indexes now hovering close to breaking their 200-day moving averages.

European shares ended mixed in choppy trading Friday as Cyprus scrambled to avoid a meltdown of its banking system and a possible exit from the euro. US Stocks closed higher Friday, rebounding from their biggest drop in nearly a month, as worries over Cyprus diminished and following a batch of upbeat earnings reports Global cues are little positive today with them SGX Nifty is showing 41 points up move in morning trade indicating that Nifty is expected to trade between 5740 and 5640 with positive biasness.

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