Nifty has strong support at 4650: An analysis

By Varinder Bansal, Research Analyst at CNBC-TV18

Market outlook

Global markets recovered after sharp sell-off. The US markets recovered sharply on Friday while Indian markets gained on Saturday in a special trading session.

Experts believe that 4650 is seen as strong support level for Nifty.

New listing - Jubilant Foodworks will be listing today.

G-7 meeting

No concrete action has taken in G-7 meeting. It has pledged to keep economic stimulus and ensured that Greece delivered on its pledge.

Greece pledged to budget deficit by 2012. G-7 also pledged to write-off Haiti debts.

European Concerns

European Central Bank President Jean-Claude Trichet said confident that Greece would cut deficit gap and Greece seen cutting gap below 3% of GDP in 2012.

Fund flows - EPFR (Week-ending February 3)

Emerging funds lost USD 1.6 billion in weekly withdrawals.

They saw biggest outflow in 24 weeks; Outflow of USD 1 billion from global EMs. USD 516 million withdrew from Asia-ex Japan.

F&O outlook

The build-up was seen in 4500 Put and 4700 Call. Long build-up was seen in Essar Oil, Ispat, Dish TV, Triveni Engg and Mercator Lines. However, short covering was seen in IFCI, GMR, Unitech and Suzlon.

Event to watch
-Advance estimates of GDP from CSO.