Nifty is likely to open negative today following the weak global cues. The first support lies at 4985.23. If went further down it can touch 4936.21 or even 4856.98 at the bottom level. An upward movement can pull up to 5064.46. If moved up further can test 5113.48 and 5241.73.
Asian stocks dropped for the first time in four days, with the regional benchmark index set for its biggest quarterly decline since December 2008, as U.S. economic reports failed to soothe investors’ concern that growth in the world’s largest economy is faltering. Japan’s Nikkei was up 0.25 percent and Hangseng was down nearly 2 percent. SGX Nifty was down 39.50 points at 4996.5 (8:55 am IST).
U.S. stocks rose, rebounding from a 1 percent decline in the Standard & Poor’s 500 Index, as lower- than-estimated claims for unemployment benefits helped offset losses by consumer and technology shares. The S&P 500 added 0.8 percent to 1,160.40 at 4 p.m. New York time. The Dow Jones Industrial Average added 143.08 points, or 1.3 percent, to 11,153.98.
Yesterday European stocks climbed for the fourth time in five days as U.S. employment and growth data exceeded forecasts and German lawmakers backed an enhanced euro- region rescue fund. Germany’s DAX and France’s CAC 40 advanced 1.1 percent. The U.K.’s FTSE 100 declined 0.4 percent as mining companies fell.
Courtesy: Bloomberg.com, moneycontrol.com
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