On global cues market to open flattish with negative bias for the first hour of trading, after a small correction a pullback is expected in the second session of trading.
In the last few trading sessions nifty has shown good recovery, one has to be cautious at higher levels as nifty has entered into a overbought zone.
Nifty to trade in the range 4410-4560 levels, either side break to give a new direction to the market, for the rally to continue nifty has to trade above the 4450; if able to trade above these levels for the next two trading sessions then nifty can test 4750 in the coming days.
Activity can be seen in mid cap stocks, Buy IFCI, FSL and Volta for short term gains.
Nifty to have support at 4480/4450/4410 and resistance at 4520/4560/4580 for the day.
BSE, NSE Stock Ticker, India
Monday, July 20, 2009
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