Market Out Look 05-06-2009

Market to open flattish with negative bias for the day, Nifty below 4560 looks weak.

Yesterday again buying emerged from the lower levels, we advice our clients to be cautious at this point of time as nifty is at overbought zone.

If nifty breaks below the strong support 4450 then panic selling is expected in the market and on the other hand if holds above 4560 and closes above this levels then rally to continue.

Today activity can be seen in the banking stocks.

We will be taking long positions in Vijaya Bank and Noida toll if both the stocks trades above 48 .

Nifty will have support at 4540/4480/4450 and resistance at 4590/4620/4650 for the day.
Have nice trading day.