Indian markets are expected to open in red tracking SGX Nifty, according to Angel Broking. ''The trend deciding level for the day is 28,073 / 8,480 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 28,371-28,533 / 8,627-8,575 levels. However, if Nifty trades below 28,073 / 8,480 levels for the first half-an-hour of trade then it may correct towards 27,911-27,612 / 8,428-8,333 levels,'' it added.

With traders in US reacting negatively to the outcome of the weekend's referendum in Greece, stocks moved mostly lower during trading on Monday. During the session, the Dow hit its lowest intraday level in five months.

The European markets ended Monday's session in the red after the Greek people voted to reject the austerity measures proposed by the country's international creditors. The ''no'' vote on the referendum has added to recent concerns about Greece defaulting and exiting from the eurozone.

The Indian markets rose on Monday despite the sell-off across Asia and Europe after Greeks overwhelmingly voted against conditions for a rescue package in the weekend's bailout referendum. Chief Economic Advisor Arvind Subramanian has said the country is relatively well insulated from the Greece situation, although rupee might get affected to some extent due to flight of foreign investment.

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