Nifty future has just closed at its 61.8% retracement level of 4115 as shown below on the daily chart. If Nifty trades below the 4115 mark in coming days, then we could witness a major breakdown, or for trader’s it’s a buying opportunity keeping a stop?loss of 4115. Resistance point is at 4205?4275. Fresh buy only if nifty maintains above 4300.

U.S. stocks jumped, sending benchmark indexes higher for the first time in five sessions, as the biggest gain in consumer confidence since 2003 spurred optimism the worst of the recession is over. The Conference Board’s sentiment index surged to 54.9, higher than forecast, according to figures from the New York? based research group today. Consumer confidence was projected to rise to 42.6, according to the median estimate in a Bloomberg News survey of 70 economists. The Conference Board revised the April reading to 40.8, from an originally reported 39.2.

A restructured Chrysler LLC is close to emerging from bankruptcy and will come out on the short end of earlier estimates of 30 to 60 days, said the person. Chrysler, which filed for protection April 30, isn’t likely to emerge this week, the person said today.

GM is working to pare costs and win concessions from workers and bondholders before a June 1 bankruptcy deadline. The company has said bankruptcy is “probable,” and the quick reorganization of Chrysler will provide comfort to consumers should GM need to file for bankruptcy.

Asian stocks rose, led by automakers and mining companies, after U.S. consumer confidence jumped. Japan’s export slump moderated in April, helping the country record an unexpected trade surplus.  Shipments abroad fell 39.1 percent from a year earlier, after dropping 45.5 percent in March. From a month earlier, exports rose 1.9 percent, a second straight gain.

India may borrow more than the planned 360 billion rupees ($7.6 billion) next month should the government need additional funds, said a finance ministry official with direct knowledge of the budget. The federal government on May 18 decided to increase debt sales for this month to 540 billion rupees from the scheduled 480 billion rupees. Yields on the benchmark 10?year bonds climbed to the highest level in more than a month yesterday on concern rising supply will reduce demand for the securities.

India banned futures trading in sugar, a day after Farm Minister Sharad Pawar said the government may extend a program allowing duty?free imports of raw sugar to bolster local supplies. The ban will remain until Dec. 31.

We expect Indian market to open positive and continue to remain positive during the day.