The strong positive close on Friday indicates that there is some steam left in the market, though nifty is at over bought zone it appears that it will test 4550 level in this week itself, If hold above this level then further rally can be seen still 4800 levels in the coming days with some correction with strong support at 4500 level.
Nifty to trade in the range 4414-4800 for the next few trading sessions, either side break to give new direction to the market, if nifty holds above 4800 levels then can test 5150 levels before the budget itself.
Watch for banking and shipping stocks for the day.
Today we will be booking profits in IDEA CELL and fresh position will be taken in DCB and GUJ NRE COKE, if holds 42 and further addition will be done in HOTEL LEELA.
Nifty can take support at 4430/4415/4400 and resistance at 4510/4555/4570 levels for the day.
Have a nice trading day.
BSE, NSE Stock Ticker, India
Sunday, May 31, 2009
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