Nifty is likely to open flat to positive today following mixed global cues. Market could fluctuate between positive and negative zones during the day. The first support lies at 5108.45. If went further down it can touch 5067 or even 4993.8 at the bottom level. An upward movement can pull up to 5181.65. If moved up further can test 5223.1 and 5337.75.
Most Asian stocks fell, before the U.S. Federal Reserve concludes a two-day policy meeting and amid concern Europe’s sovereign-debt crisis will hurt global economic growth. Japan’s Nikkei was marginally up, Hangseng fell nearly 0.6 percent, Shanghai Composite rose 1 percent and South Korea’s Kospi Index was up 0.4 percent. SGX Nifty was at 5145 down 22 points (8:45 am IST).
U.S. stocks fell; erasing a 1.4 percent rally by the Standard & Poor’s 500 Index, amid concern international officials won’t make a decision on Greece’s next aid payment until October. The S&P 500 lost 0.2 percent to 1,202.09 at 4 p.m. New York time. The Dow Jones Industrial Average was marginally up at 11,408.66.
Yesterday European stocks climbed as Greece described its debt talks with the European Union and the International Monetary Fund as “productive” and investors speculated the Federal Reserve will provide more stimulus. The U.K.’s FTSE 100 Index advanced 2 percent, Germany’s DAX Index gained 2.9 percent and France’s CAC 40 Index climbed 1.5 percent.
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