Market Out Look 31-AUS-2009

Asian market opened weak for the day, our market to open on lower side with a negative bias for the day, if fall sharply then bounce back in expected in the second session of trading.

The market has surged in the last few trading session due to global cues and revival of monsoon has lifted the sentiment, but due to Asian market sell-off today our market to correct accordingly and profit booking is expected in the next few trading session.

Whenever nifty touches 4700 levels there comes some or the other negative new that drags the nifty back to 4300 levels, Hope this time too nifty can test 4300 levels and one can use this as a buying opportunity at every fall.

If nifty trades below 4650 for the day then further sell-off is expected in the market and nifty have a strong support at 4600 and a close below 4600 can drag nifty to 4410 levels in the coming days.

Activity can be seen in Oil, Metal and Power stocks for the day.

Nifty to have support at 4650/4600/4560 and resistance at 4750/4780/4800 for the day.

Have a nice trading