The Indian markets are likely to edge lower in trade today following global cues. Analysts expect most Asian markets to see mild selling pressure on Tuesday as German Chancellor Angela Merkel and French President Nicolas Sarkozy meet ahead of a major summit of European leaders later this month.
Overnight, the Dow rose 32.77 points or 0.3 per cent to 12,392.69 and the S&P 500 climbed 2.89 points or 0.2 per cent to 1,280.70. European markets all moved to the downside on Monday. While the French CAC 40 Index dipped by 0.3 per cent, FTSE 100 Index and the German DAX Index both fell by 0.7 per cent.
Back home, technical analysts say that one can short the Nifty closer to 4,800-odd levels for downside targets of 4,700. At 720 am Indian Standard Time, the SGX Nifty was trading at 4,774 levels; up 17 points.
Among individual stocks, Mahindra Satyam could be in focus today on reports that it has filed a suit against its former Board of Directors, certain employees and the company's audit firm Price Waterhouse seeking damages for perpetrating a fraud three years ago.
Tata Steel’s sales from its Indian operations fell 1.1 per cent to 1.62 million tonne in October – December period. This could bring the stock under some pressure today.
Also keep a tab on IndusInd Bank that announces is December 2011 quarter results today.
Kingfisher Airlines could also be in limelight on reports that the airline has submitted a detailed response to the DGCA giving time-bound plans to resolve the lapses and discrepancies identified.
Patni Computer Systems has received shareholders' approval for delisting the company from the Indian bourses and the New York Stock Exchange. This could see the stock back in focus today.
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