Nifty is likely to open flat to positive today following global cues. The first support lies at 5026.7. If went further down it can touch 4980.5 or even 4896.7 at the bottom level. An upward movement can pull up to 5110.5. If moved up further can test 5156.7 and 5286.7.
Asian stocks gained as Japanese shares jumped after the yen weakened versus the dollar, boosting the outlook for exporters, and after Greece pledged to accelerate austerity measures to help solve Europe’s debt crisis. Japan’s Nikkei 225 rose 1.6 percent. South Korea’s Kospi Index rallied 2.2 percent and Hangseng was marginally up by 0.5 percent. SGX Nifty opened in the negative territory down 18 points at 5050 (6:20 am IST).
US stocks fell yesterday amid heightened concerns that the European debt crisi was worsening. The S&P 500 lost 0.7 percent to 1,165.24 at 4 p.m. in New York and the Dow Jones Industrial Average slumped 100.96 points, or 0.9 percent, to 11,139.30.
Yesterday, European stocks retreated for the third day in a row amid concerns that the region’s debt crisis would derail the recovery and overshadowed better-than-estimated growth in U.S. services. Germany’s DAX Index slid 1 percent and France’s CAC 40 lost 1.1 percent, while the U.K.’s FTSE 100 climbed 1.1 percent.
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