07 May 2010 Morning Market Updates

07 May 2010 Morning Market Updates  08:51

No doubt market will open gap down.Nifty will break its support of 5050 and may take support at important level of 4950 if global scenario wont become worst.
Yesterday, US market plunged.Combine one part nervous traders, one part Greek crisis and one part trader error. Stir in one part central bank complacency. Bring to boil. Panic. That combination produced one of the wildest days ever in financial markets, with the Dow Jones industrial average, at one point, down almost 1,000 points while the euro sank to its lowest level in more than a year. There were substantial declines in emerging markets, whose economies had seemed to be booming, and in developed markets fearful of renewed recessions.

Dow Jones closed 347 points down at 10520 while Nasdaq closed 82 points negative at 2319.64.