Market Out Look 7-5-2009

Market to open flattish with a negative bias for the first session of trading and to bounce back from the lower levels.
Looks still some stream is left in the market before nifty touches the 3850 levels in the coming days.
In this volatile market one has to be very cautious at higher levels, as the outcome of the election result may not be favorable to the market.
Nifty to trade in the range 3500 – 3850 levels for the next few trading sessions.
For intra day nifty has got a strong support of 3615, below this selling pressure to be seen and buying opportunity can be seen at 3560 levels for the day.

Technically nifty to take support at 3615/3580/3560 and resistance at 3710/3740/3780 for the day.

Activity to be seen in Sugar and Fertilizer stocks.
Have a nice trading day.