Given the current trend, Nifty is likely to open positive today on account of positive global cues and may have a support level at 4855.33. If went further down it can touch 4821.76 or even 4734.66 at the bottom level. An upward movement can pull up to 4908.86. If moved up further can test 4942.43 and 4995.96.
US stocks rose on Wednesday after the Congressional Budget Office offered an upbeat forecast on the worrisome budget deficits and data showed a strong reading on durable goods orders. The Dow Jones industrial average was up 104.52 points, or 0.94%, at 11,281.28. The Standard & Poor's 500 Index rose 12.25 points, or 1.05%, at 1,174.60. The Nasdaq Composite Index added 22.70 points, or 0.93%, at 2,468.76.
Asian markets have opened in green following the trend in the US markets with indices up nearly 1%. SGX Nifty was up 43 points at 7:50 am IST indicating a positive opening for our markets. European stocks climbed for a third day after a report on U.S. durable-goods orders beat forecasts amid ongoing speculation that the Federal Reserve would act to bolster the economy. All major indices were up by more than 1%.
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