Nifty is likely to open positive today following positive global cues, but could face selling pressures at higher levels taking the domestic factors into concern. The first support lies at 4985.36. If went further down it can touch 4944.58 or even 4876.61 at the bottom level. An upward movement can pull up to 5053.33. If moved up further can test 5094.11 and 5202.86.
Asian stocks rose from a one-year low as German and French leaders said they’re certain Greece will remain in the euro zone. Japan’s Nikkei 225 Stock Average advanced 1.6 percent, Hangseng climbed 0.54 percent and South Korea’s Kospi Index rallied 1.5 percent. SGX Nifty was at 4961.50 up 20.50 points (8:35 am IST).
U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for a third day, as French President Nicolas Sarkozy and German Chancellor Angela Merkel said they are convinced Greece will remain in the euro zone. The S&P 500 gained 1.4 percent to 1,188.68 at 4 p.m. New York time and the Dow Jones Industrial Average rose 140.88 points, or 1.3 percent, to 11,246.73.
European stocks rose for a second day amid speculation China may still buy the region’s government bonds even after Premier Wen Jiabao said indebted countries must not rely on bailouts. Germany’s DAX advanced 3.4 percent, the U.K.’s FTSE 100 gained 1 percent and France’s CAC 40 climbed 1.9 percent.
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