Nifty is likely to open flat to negative today following negative global cues. The first support lies at 5011.33. If went further down it can touch 4990.71 or even 4941.56 at the bottom level. An upward movement can pull up to 5060.48. If moved up further can test 5089.01 and 5138.16.
Asian stocks fell, after Italy’s sovereign credit ratings were cut, intensifying concern Europe’s debt crisis is worsening and may sour the outlook for exporters, banks and commodity producers. Japan’s Nikkei fell 1.4 percent, Hangseng fell nearly 1 percent, Shanghai was marginally down and South Korea’s Kospi Index slid nearly 0.3 percent. SGX Nifty was at 5030 down 12 points (8:35 am IST).
U.S. stocks retreated, amid concerns that Greece might fail to qualify for more financial aid needed to avoid a debt default. The S&P 500 lost 1 percent to 1,204.09 at 4 p.m. New York time. The Dow Jones Industrial Average fell 108.08 points, or 0.9 percent, to 11,401.01.
European stocks slid, as investors speculated that Greece may not receive an aid payment that would help it avoid default. France’s CAC 40 Index fell 3 percent, the U.K.’s FTSE 100 Index dropped 2 percent and Germany’s DAX Index lost 2.8 percent.
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