Even though the global market raised sharply our market to open flattish with negative bias for the first hour of trading and there after expected to very volatile for the day.
Though nifty has closed above the 4700 levels for the rally to continue nifty should close above 4750 with good volumes.
Nifty to trade in the range 4650-4750, either side break to give new direction to the market for the day. Nifty to face strong resistance at 4800, at these levels traders are advised to book partial profits and be cautious at higher level buying.
A sudden sell –off can’t be ruled out around 4800-4850 levels.
Activity to be seen in Metal, cement stocks and mid cap IT stocks.
Watch for GMR INFRA and Nagarjuna Construction for intraday trading
Nifty to have support at 4680/4650/4580 and resistance at 4750/4780/4810 for the day.
BSE, NSE Stock Ticker, India
Monday, August 3, 2009
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