Markets are likey to open in the green on the back of positive global cues as a ceasefire was declared to end the flare-up in violence between Israel and the Palestinians. Also, the government’s disinvestment programme for 2012-13 is finally set to kick off on Friday, with a four per cent stake sale in Hindustan Copper. The SGX Nifty was up 19 points at 5630 at 700 am Indian Standard Time.
Technical charts indicate that for sustained up move the index needs to hold above 5,660. Failure to sustain above 5,660 can be termed as bearish. Today, the Nifty is likely to seek support around 5,595-5,580, while face resistance around 5,635-5,650.
U.S. stocks finished modestly higher on Wednesday, with the S&P 500 up for a fourth session although trading volume was one of the year's lowest on the day ahead of the Thanksgiving holiday.
Investors welcomed news that a ceasefire between Israel and the Palestinians, though the lack of a deal to release emergency aid for Greece limited the market's advance.
The Dow Jones industrial average gained 48.38 points, or 0.38 percent, to 12,836.89 at the close. The Standard & Poor's 500 Index added 3.22 points, or 0.23 percent, to 1,391.03. The Nasdaq Composite Index rose 9.87 points, or 0.34 percent, to close at 2,926.55.
In Asia, the yen fell to a 7-1/2-month low versus the dollar on Thursday, lifting Japan's Nikkei share average to a six-month high, on mounting expectations of aggressive policy action under a likely new government.
Asian stocks outside Japan were also in demand and investors will focus on HSBC China flash PMI for November due later on Thursday to see whether a low point for China, the world's second largest economy, is over.
Tokyo's Nikkei average rallied 1.3 percent to its highest level since May 2, while MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent and Australian shares advanced 1 percent.
STOCKS TO WATCH
Escorts may see a uptick today as the company plans to adopt an aggressive growth strategy in big tractor segment of 50 HP and above in three years.
Pantaloon Retail may also see some rub off as Future Lifestyle Fashion is expected to be a Rs 5,000-crore business in the next two years.
SpiceJet will continue to remain in news as it would raise equity capital from its promoters by issuing convertible debentures or warrants to fund expansion plans.
All the companies lined for divestment like Hindustan Copper,Oil India,NTPC,Nalco and NMDC will be in spotlight today.
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