Thursday, May 27, 2010

Nifty can face resistance at 5100 and support at 4900

Indian stocks are likely to open positive today on the back of strong global cues. SGX Nifty is trading at 5049, up by about 64 points than previous closing.
Asian markets were trading higher. China's Shanghai Composite added 0.73% or 19.33 points at 2,675.25. Hong Kong's Hang Seng rose 1.98% or 385.02 points at 19,816.39. Japan's Nikkei surged 1.74% or 168.13 points at 9,807.85. South Korea's Seoul Composite gained 0.75% or 12.12 points at 1,619.62. Taiwan's Taiwan Weighted was up 1.49% or 107.87 points at 7,351.03.
Economic data coming out of US was slightly mixed. The second estimate for first quarter GDP showed that the US economy expanded at 3%. This is slower than the 3.2% increase that came with the advance estimate.
Wall Street saw a triple digit rally after China said it remains a long-term investor in Europe. Stocks surged, volumes were high and the gains were led by energy, technology and financials. The upbeat tone persisted through the entire session and stock markets settled pretty much at the highest point of the day. The volatility index too dropped below 30.

On the daily chart we can see nifty has bounced back from its support level of 4800. And close above its resistance level of 5000. In today trade nifty can face resistance at 5100 and support at 4900.


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