Nifty is likely to open negative today following negative global cues. The first support lies at 5016.25. If went further down it can touch 4973.05 or even 4856.10 at the bottom level. An upward movement can pull up to 5090. If moved up further can test 5133.20 and 5206.95.
Asian stocks fell as bond risk surged to a two-year high, while the euro sank to its lowest level since 2001 against the yen, amid speculation Germany is preparing for a Greek default. Nikkei has slid 2 percent, Hangseng by nearly 3 percent and Straits Times by 2 percent. SGX Nifty also was down 79 points at 4964 at 7:40 am IST.
On Friday closing, U.S. stocks fell, driving the Standard & Poor’s 500 Index to the sixth drop in the past seven weeks, as concern Greece’s finances are deteriorating overshadowed President Barack Obama’s $447 billion plan to stimulate growth. The S&P 500 fell 1.7 percent to 1,154.23 this week, the second straight weekly loss and the lowest level since Aug. 22. The Dow retreated 248.13 points, or 2.2 percent, to 10,992.13.
European stocks too fell for the first week in three amid concern policy makers won’t be able to stop the region’s sovereign debt crisis from growing and damaging the economic recovery. France’s CAC 40 declined 5.5 percent, the U.K.’s FTSE 100 slid 1.5 percent and Germany’s DAX plunged 6.3 percent.
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