Nifty is likely to open weak today following the negative Asian cues. The first support lies at 4821.48. If went further down it can touch 4775.21 or even 4674.56 at the bottom level. An upward movement can pull up to 4922.13. If moved up further can test 4976.51 and 5077.16.
Asian stocks fell, led by Japanese shares, as Europe’s failure to tame the region’s sovereign-debt crisis threatens global economic growth. Japan’s Nikkei slid 1.65percent and Hangseng fell nearly 1 percent. SGX Nifty was flattish at 4869 (8:00 am IST).
U.S. stocks fell last week, sending the Dow Jones Industrial Average to the biggest loss since 2008, as the Federal Reserve said risks to the economy have increased and concern grew that policy makers will fail to spur growth. The S&P 500 dropped 6.5 percent to 1,136.43 and the Dow dropped 737.61 points, or 6.4 percent, to 10,771.48.
European stocks had the biggest weekly drop in seven as the Federal Reserve said it sees “significant downside risks” for the economy and speculation grew that policy makers will be unable to solve the debt crisis. Germany’s DAX Index declined 6.8 percent and France’s CAC 40 dropped 7.3 percent. The U.K.’s FTSE 100 slid 5.6 percent.
Courtesy: Bloomberg.com, moneycontrol.com
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