Market Outlook 03-AUG-2009

On global cues market to open flattish with positive bias for the first hour of trading, selling pressure to be seen at higher levels for the day.

For the rally to continue nifty hold 4650 and close above 4700, nifty could face a strong resistance at 4800 levels.

As market are in over bought zone and moreover the upcoming IPO’s can lead the market to a small correction in the next few trading sessions.

One has to follow market Thumb Rule, Buy on panic and sell on rise in this market condition.

Today nifty to trade in the range 4580-4720, either side break to give a new direction to the market and a close above 4700 level can take the nifty to 4800 in the next few trading sessions.

Buying interest can be seen in Banking and power stocks.

Investors and traders can take long positions in Power grid, PFC and Neyveli for short-term gains

Nifty to have support at 4610/4580/44525 and resistance at 4660/4690/4720 for the day.

Have a nice trading day.