Nifty Likely to Seek Support Around 5,585-5,575

The markets are likely to consolidate and trade in a narrow range today on the back of mixed global cues.  According to technical analysts, the Nifty is likely to seek support around 5,585-5,575, while face resistance around 5,615-5,625.

On the global front, U.S. and European shares rose modestly on Wednesday after two days of declines, helped by U.S. housing data, while the yen recovered from a brief decline on the Bank of Japan's decision to ease monetary policy further.

Asian shares fell on Thursday as investors awaited manufacturing data from China later in the session for clues about whether Beijing would be prompted to take more stimulus action in the world's second-biggest economy.

MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.1 percent. The Nikkei stock average opened down 0.6 percent after jumping to a 4-1/2 month high on Wednesday. Via

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