Nifty is likely to open positive today following strong global cues. The first support lies at 5118.48. If went further down it can touch 5082.46 or even 5040.28 at the bottom level. An upward movement can pull up to 5160.66. If moved up further can test 5196.68 and 5274.88.
Asian stocks gained, for a second day, on speculation the U.S. will move to stimulate its economy and Europe may resolve its debt crisis, boosting the outlook for exporters. At 7:20 am IST Nikkei had risen 0.5 percent, Kospi up by 0.3 percent and Shanghai Composite index had been flat since opening. SGX Nifty opened in the positive territory up 11.50 points at 5131.50 (7:20 am IST).
U.S. stocks rose, giving the Standard & Poor’s 500 Index its biggest rally in two weeks, as investors speculated President Barack Obama’s plan to inject more than $300 billion into the economy will bolster growth. The S&P 500 rallied 2.9 percent to 1,198.62 at 4 p.m. in New York and the Dow Jones Industrial Average added 275.56 points, or 2.5 percent, to 11,414.86.
European stocks rose the most in three weeks, rebounding from a two-year low, after three days of losses dragged the Stoxx Europe 600 Index near to the cheapest since 2008. Germany’s DAX advanced 4.1 percent and the U.K.’s FTSE 100 increased 3.1 percent, the biggest jumps since May 2010. France’s CAC 40 rose 3.6 percent.
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