Nifty is likely to open positive today following positive global cues, but could face fluctuations during the day on the back of RBI announcements on rate hikes. The first support lies at 5044.86. If went further down it can touch 4998.28 or even 4920.86 at the bottom level. An upward movement can pull up to 5122.28. If moved up further can test 5168.86 and 5292.86.
Asian stocks rose, after the European Central Bank and international policy makers coordinated to lend dollars to euro-area banks, increasing confidence the region’s debt crisis may be contained. Japan’s Nikkei 225 Stock Average advanced 1.8 percent, Hangseng climbed nearly 2 percent and South Korea’s Kospi Index rallied 3.2 percent. SGX Nifty was at 5129.50 up 32.50 points (8:35 am IST).
U.S. stocks rose for a fourth day as the European Central Bank and international policy makers coordinated to lend dollars to banks to tame the credit crisis, offsetting concern spurred by signs unemployment is worsening. The S&P 500 gained 1.7 percent to 1,209.11 at 4 p.m. New York time and the Dow Jones Industrial Average rose 186.45 points, or 1.7 percent, to 11,433.18.
European stocks rallied as Germany and France said Greece will remain a member of the euro and the European Central Bank announced coordinated measures with the Federal Reserve to ensure banks have enough dollars. Germany’s DAX advanced 3.2 percent, the U.K.’s FTSE 100 gained 2.1 percent and France’s CAC 40 climbed 3.3 percent.
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