Market OutLook 06-AUG-2009

On the mixed global cues market to open flattish with negative bias for the day and expected to be volatile from the second session of trading.

Market to take new direction after the announcement of inflation data, profit booking is expected at higher levels.

A weak monsoon remains a cause of concern.

Nifty unable to close above 4700 is a clear indication of weakness in the market, for the rally to continue nifty should close above 4700 for two consecutive days, I think this will not happen due to profit booking at higher levels.

Nifty to trade in the range 4620-4720, either side break to give new direction to the market for the day.

Activity can be seen in private banks stocks, watch for Aix bank and Bank of Rajasthan.

Nifty to have support at 4640/4610/4580 and resistance at 4720/4750/4780 for the day.