Equity Alert: Shares seen opening down 2% as overseas markets drop

[K.Karthik Raja]

Equity Alert: Shares seen opening down 2% as overseas markets drop
MUMBAI--9:36AM--Share indices are seen opening down around 2%
today tracking
the sharp fall in overseas markets after US data Friday showed a
surprise spike
in unemployment and high crude oil prices fuelled inflation concerns,
dealers
said.
"Nifty may open down around 100 points. Support is at 4515, then
at 4485,"
said a dealer.
Dealers advise staying on the sidelines as it is unclear where the
market
will bottom out. Short covering near January lows may help the market
partly
recover, but they recommend exiting at any upside in the market.
Technology shares may be a better bet as the rupee trades sharply
lower
against the dollar today, they said. Cairn India may benefit from the
spike in
crude oil prices, they said.
On Friday, Sensex closed at 15572.18, down 197.54 points, or 1.3%.
Nifty
ended at 4627.80, down 49.15 points, or 1.1%.