Tuesday, 27 November 2012
Global & local cues that will impact Nifty today
It was a quiet day for the Indian market on Monday. The Sensex closed up 30.44 points or 0.16% at 18,537.01. The Nifty ended up 4.30 points or 0.08% at 5,630.90.
The Euro zone reached a political deal on the disbursement of Greece. Euro zone finance ministers agreed to lower interest rates on bilateral loans by 100 bps, and deferred interest payments on EFSF loans by 10 years. According to Jean Claude Juncker, that will bring Greece's dent to more sustainable path. The country will get 34.4 billion euros for bank recap in December. Greece will reach debt-to-GDP ratio of 124% in 2020.
European markets ended a five-day winning streak as a slump in Barclays after a shareholder sold warrants in the company resulted in it leading both financial stocks and the broader market lower.
The US markets eased off their lows to close mixed. But gains were limited as there are concerns over the fiscal cliff. CBOE Volatility Index ended above 15.
At 7: 35 am (IST), Asian markets were trading higher. Hong Kong's Hang Seng was up 0.36% or 79.56 points at 21,941.37. Japan's Nikkei rose 0.50% or 47.09 points at 9,436.03. Singapore's Straits Times was up 0.20% or 6.12 points at 3,010.62.
South Korea's Seoul Composite gained 1.11% or 21.18 points at 1,929.69. Taiwan's Taiwan Weighted added 0.37% or 27.22 points at 7,434.59. China's Shanghai Composite was down 0.41% or 8.34 points at 2,009.12.
NIFTY INDEX TREND FOR TODAY
Nifty closed on very slight bull note at 5635.90 So today the first resistance for nifty is at 5654 level. Next resistance ranges are at 5674,5694,5724 levels. On downside first support is at 5604 level. Next supports are at 5586,5546 level.As of now Nifty is directionless but a strong move above 5682 may have some hopes for bulls and on downside if below 5586 be very alert and avoid longs.
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