Market to open with flattish with positive bias for the first hour of trading, selling will emerge at higher levels due to monsoon concerns which will hinder the GDP growth.
For the last few trading market has seen correction and this correction can extent to 4200 levels, If today nifty trades below 4410 further selling can be expected till 4350 levels.
Nifty to trade in the range 4410-4500, either side break to give new direction to the market for the day.
Traders can go long at 4450 levels with a stop loss of 4410, Activity can be seen in Sugar, Pharma and mid cap IT stocks.
One can watch for Renuka sugar in sugar sector, Orchid in pharma , FSL& 3iinfo in mid cap IT stocks.
Media stocks are good long term bets one can buy NDTV and TVTODAY on decline from the current levels.
Nifty to have support at 4410/4380/4350 and resistance at 4465/4490/4525 for the day.
Have a nice trading day.
BSE, NSE Stock Ticker, India
Monday, August 10, 2009
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