Nifty is likely to open negative today following negative global cues. The first support lies at 5105.93. If went further down it can touch 5078.61 or even 5020.06 at the bottom level. An upward movement can pull up to 5164.48. If moved up further can test 5195.71 and 5254.26.
Asian stocks and oil slumped, while South Korea’s won slid to a one-year low, after the Federal Reserve flagged “significant downside risks” to the economy and Moody’s Investors Service cut debt ratings on U.S. banks. Japan’s Nikkei slid 1.7 percent, Hangseng fell nearly 3.2 percent, Shanghai Composite fell nearly 1 percent and South Korea’s Kospi Index was down 2.6 percent. SGX Nifty was at 5066 down 59 points (7:45 am IST).
U.S. stocks slumped, giving the Standard & Poor’s 500 Index its biggest decline in a month, as the Federal Reserve announced plans to buy $400 billion of long- term debt and cited risks to the economic outlook. The S&P 500 fell 2.9 percent to 1,166.76 at 4 p.m. New York time. The Dow Jones Industrial Average lost 283.82 points, or 2.5 percent, to 11,124.84 yesterday.
Yesterday European stocks retreated as officials said their plans to return to Athens next week after three days of consultations failed to produce a solution to the country’s debt crisis. Germany’s DAX Index declined 2.5 percent, while the U.K.’s FTSE 100 lost 1.4 percent and France’s CAC 40 dropped 1.6 percent.
Courtesy: Bloomberg.com, moneycontrol.com
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