US Stocks finished modestly lower on Friday for the second straight week on continuing concerns that the recovery has tapered off. The Dow Jones industrial average fell 0.6%. The S&P 500 slipped 0.4% while The Nasdaq composite added 0.1%.
The European markets too closed lower on 0Friday as worries over the US economic growth remained an overhang on investor sentiment worldwide. The UK's FTSE 100 declined 0.30%; The Germany’s DAX 30 fell 1.15% and The France’s CAC 40 shed 1.29%.
Crude Oil prices dipped below $74 per barrel mark on weak sentiment and lower equity markets. Currently it is trading above the $74 per barrel level.
Asian markets are trading mixed. Singapore's Straits Times lost 0.50%, Japan’s Nikkei 225 was down by 0.40%, Hong Kong's Hang Seng fell 0.45% however, China’s Shanghai Composite was almost flat 1.25%.
The domestic stock averages are expected to open in narrow range on Monday morning. For the NSE Nifty, the Critical level for upside is seen at 5518. The trading range for today is between the Critical level and the first Resistance 5546. Inditrade: If Nifty manages to crosses-over this mark decisively, it can target the second and strong Resistance at 5560. However, any move below Critical is expected to favour the bears wherein first Support is seen at 5486. Lower to this, Major Support comes at 5466.