Nifty is likely to open negative today following the weak global cues. The first support lies at 4907.55. If went further down it can touch 4869.2 or even 4781.6 at the bottom level. An upward movement can pull up to 4995.15. If moved up further can test 5044.4 and 5132.
Asian stocks fell for the first time in three days, the dollar and yen strengthened, and commodities extended yesterday’s declines amid concern European policy makers will struggle to stem the region’s debt crisis. Japan’s Nikkei is down 1.16 percent and Hangseng was down nearly 1 percent. SGX Nifty was down 24.5 points at 4916.5 (7:50 am IST).
U.S. stocks declined, halting a three-day rally for the Standard & Poor’s 500 Index, amid growing concern that European leaders are divided over how to handle Greece’s debt crisis. The S&P 500 lost 2.1 percent to 1,151.06 at 4 p.m. New York time and the Dow Jones Industrial Average fell 179.79 points, or 1.6 percent, to 11,010.90 yesterday.
European stocks declined, snapping the biggest three-day rally in 16 months, amid concern that holders of Greek bonds will suffer larger losses than previously agreed upon. Germany’s DAX Index and France’s CAC 40 Index both declined 0.9 percent. The U.K.’s FTSE 100 Index retreated 1.4 percent.
Courtesy: Bloomberg.com, moneycontrol.com
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