Given the current trend, Nifty is likely to open positive today and then move into the negative territory following global cues. The first support lies at 4981.60. If went further down it can touch 4946.95 or even 4892.90 at the bottom level. An upward movement can pull up to 5035.65. If moved up further can test 5070.30 and 5159.
The SGX Nifty has opened nearly 25 points down today morning after a three day rally. Asian stocks fell in today morning trade, paring the biggest weekly gain since March, and U.S. and U.K. index futures dropped ahead of an American jobs report that may show unemployment exceeds 9 percent.
Yesterday, U.S. stocks slid, halting a four-day rally. Treasuries advanced and commodities declined as investors turned their attention to tomorrow’s report on American jobs to gauge the outlook for the economy. The Standard & Poor’s 500 Index lost 1.2 percent to 1,204.42 after surging 5.1 percent in the previous four sessions.
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