Nifty is likely to open negative today and then move into further negative territory following global cues. The first support lies at 5003.98. If went further down it can touch 4977.66 or even 4938.13 at the bottom level. An upward movement can pull up to 5043.51. If moved up further can test 5069.83 and 5135.68.
In today morning’s trades, Asian stocks and U.S. futures fell, Treasury 10-year yields sank to a record, and the euro slid for a fifth day against the franc on speculation Europe’s debt crisis is worsening. Nikkei fell by 1.2 percent, Hang seng slid by 1 percent and Shanghai Composite index slumped by 0.5 percent.
SGX Nifty opened in the negative territory down 39 points at 4975 (8:35 am IST).
European stocks were in the negative territory after Angel Merkel’s election loss spurred concerns the bailout for the debt ridden European nations might fade. Also fears were rife about the future of euro zone bubbled up against a background of weak economic growth and threats to the banking sector. Germany’s DAX Index (DAX) fell 5.28 percent, U.K.’s FTSE 100 Index dropped 3.58 percent and France’s CAC 40 Index lost 4.73 percent.
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