It was a total bloodbath across the Indian as well as the global markets. Unless the situation on the global front improves, Indian markets don’t seem to make any significant recovery. As such, Nifty is likely to open negative today following the negative global cues. The first support lies at 4867.65. If went further down it can touch 4811.65 or even 4659.55 at the bottom level. An upward movement can pull up to 4963.75. If moved up further can test 5019.75 and 5115.85.
Asian stocks fell, driving a regional benchmark index toward its biggest weekly drop in almost three years, as concern intensified that policy makers worldwide may be running out of tools to avert another global economic recession. Japan’s Nikkei slid 2 percent, Hangseng fell nearly 3 percent, Shanghai Composite fell nearly 1.2 percent and South Korea’s Kospi Index was down 5 percent. SGX Nifty was at 4835 down 73.5 points (7:45 am IST).
U.S. stocks slumped again after the Federal Reserve said the turmoil caused by Europe’s crisis is taking a toll on the economy and it planned to buy long-term debt and sell shorter maturities to sustain the economic recovery. The S&P 500 fell 3.2 percent to 1129.56 at 4 p.m. New York time. The Dow Jones Industrial Average lost 391.01 points, or 3.64 percent, to 10733.83 yesterday.
Yesterday European stocks tumbled to a two- year low as the Federal Reserve signalled “significant downside risks” to the world’s largest economy and Moody’s Investors Service downgraded three U.S. banks. Germany’s DAX Index declined 5 percent and France’s CAC 40 dropped 5.3 percent. The U.K.’s FTSE 100 slid 4.7 percent, the most since March 2009.
Courtesy: Bloomberg.com, moneycontrol.com
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