Nifty is likely to open flat to negative today following mixed global cues. The first support lies at 5053.70. If went further down it can touch 5023.15 or even 4947.65 at the bottom level. An upward movement can pull up to 5098.65. If moved up further can test 5129.20 and 5174.15.
Asian stocks fell after European policymakers failed to introduce a plan to stem the region’s debt crisis, dimming the earnings outlook for banks, exporters and raw-material producers. Hangseng fell about 2 percent, Shanghai was down 1.3 percent and South Korea’s Kospi Index slid nearly 1 percent. SGX Nifty was at 5020 down 67 points (8:00 am IST).
U.S. stocks rose on Friday as the government officials and central bankers took steps to ease the European debt crisis. The S&P 500 climbed 5.4 percent to 1,216.01 this week, trimming its 2011 loss to 3.3 percent. The Dow Jones Industrial Average increased 516.96 points, or 4.7 percent, to 11,509.09, leaving it down 0.6 percent.
European stocks rose for the third week as Germany and France said Greece will remain a euro member and the European Central Bank announced measures with the Federal Reserve to ensure banks have enough dollars. France’s CAC 40 Index added 1.9 percent, the U.K.’s FTSE 100 Index gained 2.9 percent and Germany’s DAX Index rallied 7.4 percent, over the week.
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