Pre-market: Markets may open weak on global cues

The Indian markets could drift lower in trade today tracking weak  global cues.Asian shares and the euro both hovered near seven-week lows on Friday as European officials failed to soothe investor fears that the euro zone's debt crisis could trigger a credit crunch if funding costs run out of control.

MSCI's broadest index of Asia Pacific shares outside Japan fell 0.4% on Friday, hovering near a seven-week low hit the day before. Japan's Nikkei opened down 0.3% on Friday, hitting a fresh two-and-a-half-year low. Wall Street, however, was shut for the Thanksgiving holiday.

Back home, the Nifty could seek support in the range of 4,705 – 4,675 and can face resistance around 4,805 – 4,840 levels, analysts say. At 715 am Indian Standard Time, the SGX Nifty was trading at 4730, down 47 points.

Among individual stocks, retail sector scrips such as Pantaloon Retail, Trent and Shoppers Stop will be in focus today after the Cabinet cleared the bill to increase FDI to 51% in multi-brand retail and 100% in single brand.

SBI and ICICI Bank could also be in limelight on abolishing penalty on pre-payment of housing loans.

Jindal Saw is also likely to react to the news that the company has bagged orders worth 1,000 crore to supply large diameter pipes and ductile iron pipes for various export markets.

Also keep a tab on Bajaj Hindusthan that slumped to its 52-week low in trade yesterday.