Market Out Look 8-06-2009

Market to open flattish with negative bias for the day, though nifty managed to hold the 4560 levels on Friday, the selling pressure was seen in the movement stocks.

If nifty trades below the 4560 mark today then further selling can be seen in the market and nifty can test the strong support of 4450 levels and on the other hand if nifty trades above the 4590 mark today then the rally to continue and can test 4800 in the coming days.

Traders are advised to be very cautious at higher level and not to have huge long position; Nifty below 4560 and above 4590 to give new direction to the market and one can take the positions according to the trend.

As the trend is not clear we will not be taking any long positions for our client today, If nifty trades above 4590 levels then we will adding power stocks like NTPC and AREVA for long term.

Nifty to take support at 4540/4505/4485 and resistance at 4586/4620/4650 levels for the day.

Have a nice trading day.