Market Out Look 21-4-2009

On global cues market to open weak with a negative bias for the entire day. Nifty unable to cross the 200 DMA is clear sign of weakness. The open interest position in the F & O also gives a clear sign of weakness in he coming trading sessions.

There is nothing positive to expect from the RBI rate cut today. Mark to be volatile after the mid session and some kind of bounce back can be expected from the lower levels.

Today nifty can test 3280 levels in the intra day below this expect further weakness to 3250 levels. Nifty to trade in the range of 3190 – 3450 in the coming days a break either side to give new direction to the market.

Stock specific approach is advisable in the mid cap stocks for the next few trading session. Avoid long position for time being in the large cap stocks.
Technically nifty can take support at 3315/3280/3250 and resistance at 3390/3425/3480 for the day.