Nifty is likely to open flat to positive today following mixed global cues. This could be attributed to the short covering in major Asian markets. The first support lies at 4910.16. If went further down it can touch 4873.53 or even 4799.18 at the bottom level. An upward movement can pull up to 4984.51. If moved up further can test 5022.23 and 5096.58.
Most Asian stocks rose, with the benchmark regional index rebounding from a one-year low, as raw material and energy producers advanced on increased oil and copper prices. Japan’s Nikkei 225 Stock Average gained 0.4 percent.
U.S. stocks climbed yesterday, erasing earlier losses, amid speculations that China might invest in Italy, triggering a rally that lifted the Dow Jones Industrial Average more than 200 points in the last 45 minutes of trading. The S&P 500 advanced 0.7 percent to 1,162.27 at 4 p.m. in New York, after retreating 1.6 percent earlier. The Dow increased 68.99 points, or 0.6 percent, to 11,061.12.
Yesterday, European stocks slumped for a second day, dragging the benchmark regional gauge to its lowest level since July 2009, as speculation mounted that Germany is preparing for Greece to default. The U.K.’s FTSE 100 Index slid 1.6 percent, Germany’s DAX Index lost 2.3 percent and France’s CAC 40 Index declined 4 percent.
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