Nifty is likely to open negative today and then move into further negative territory following global cues. The first support lies at 4984.33. If went further down it can touch 4928.66 or even 4808.31 at the bottom level. An upward movement can pull up to 5104.68. If moved up further can test 5169.36 and 5289.71.
The SGX Nifty has opened nearly 79 points down after a three day rally and stood at 4968 at 8:50 am IST. Asian stocks and oil fell for a second day after U.S. job growth stalled last month and amid concern Europe’s sovereign-debt crisis will worsen.
On Friday U.S. stocks slid, as the Standard & Poor’s 500 Index posted its biggest monthly decline in more than a year and a report showing employment stagnated in August fuelled concern the economy may slip into a recession.
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