Pre-market: Markets likely to trade volatile

Negative bias seen on Greek concerns, Nifty likely to seek support at 4,950-4,915 levels

The markets are likely to be volatile today with a negative bias following weak global cues. The deferment of the General
Anti-Avoidance Rule (GAAR) by the Finance Minister failed to lift investor sentiment on Tuesday, with the markets dipping to a four-month low on the back of negative global cues and a weakening rupee.

US stocks ended lower on Tuesday after political developments in Greece fanned concerns about Europe's fiscal health. The Dow Jones industrial average slipped 0.6% to 12,932. The Standard & Poor's 500 Index shed 0.4% to 1,364 levels.

The rub-off effect of this was also visible across Asian markets on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.1%, while Japan's Nikkei stock average opened down 0.8 %.

Back home, the Nifty is likely to seek support around 4,950-4,915, while it can face resistance around 5,050-5,085, technical analysts suggest. At 715 am Indian Standard Time, the SGX Nifty was trading at 4,967 – down 18 points.

Among individual stocks, RIL could remain under pressure on reports that it has cut estimates for proven gas reserves in its
Krishna-Godavari block off the east coast by 6.7%.

Lanco Infratech has got a respite after the Supreme Court stayed the orders that barred the infrastructure developer from selling the property it is developing in Hyderabad to third parties.

Tata Coffee has doubled its net profit to Rs 28 crore in Q4FYFY12 as compared to the corresponding previous quarter.

Bajaj Hindusthan, Whirlpool, Emami and Asian Paints will react to their respective March quarter results.

In earnings today, keep a tab on ABB, IRB Infra, Ranbaxy, PNB and NIIT.