SUPPORT AND RESISTENCE IN STOCK MARKET

Markets at a Glance
Indian indices are likely to open lower today, tracking negative Asian markets, as sentiment were broadly weakened as European Central Bank (ECB) chief Mario Draghi, failed to deliver immediate action to contain the Eurozone debt crisis. Meanwhile Asian shares are trading low-er after the ECB chief disappointed investors who are hoping for an imminent move of bond purchases to bring down the borrowing costs of stressed euro zone members and to defend the euro. The yen gained against most of its counterparts, thus weighed over the exporters stocks. Further, the investors’ remain cautious ahead of Friday’s US’s jobs data. The SGX Nifty, Aug’12 contract last traded at 5,218, down by 30 points from previous session.
Wall Street Update
The US markets ended lower after the European Central Bank President Mario Draghi disap-pointed investors as he failed to announce new measures to help stem the European debt cri-sis. Draghi stressed on buy buying programme but did not provide no explicit details on how and when these activities may be carried out. Besides, there was a glimmer of hope on the US jobs front, as the weekly jobless claims came in line with expectations at365,000. While, the June Factory Orders showed a 0.5% decrease which was worse than the 0.6% increase that had been expected, suggesting the economy is struggling to break out of a soft patch.