Nifty is likely to open positive today following the positive global cues. The first support lies at 4824.68. If went further down it can touch 4769.56 or even 4703.73 at the bottom level. An upward movement can pull up to 4890.51. If moved up further can test 4945.63 and 5066.58.
Asian stocks rebounded from their lowest level since May 2010 after two days of gains in U.S. equities, amid optimism that European leaders may be closer to agreeing ways to tame the region’s credit crisis. Japan’s Nikkei climbed nearly 2 percent and Hangseng was up nearly 3 percent. SGX Nifty was up 77.50 points at 4917.50 (8:00 am IST).
U.S. stocks advanced, giving the Dow Jones Industrial Average its biggest increase in a month, amid speculation that European policy makers will act to prevent the region’s debt crisis from getting worse. The Standard & Poor’s 500 Index added 2.3 percent to 1,162.95 at 4 p.m. in New York and the Dow average climbed 272.38 points, or 2.5 percent, to 11,043.86.
European stocks rose for a second day as foreign governments and central banks urged policy makers in Europe to intensify efforts to contain the region’s debt crisis following meetings with the International Monetary Fund. Germany’s DAX gained 2.9 percent, France’s CAC 40 rose 1.8 percent and the U.K.’s FTSE 100 advanced 0.5 percent.
Courtesy: Bloomberg.com, moneycontrol.com
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