On weak global cues market to open with lower gap, yesterday nifty was unable to sustain the 4730 levels, Today if nifty trades below 4580 selling pressure to intensify and can drag the nifty to 4400 levels in the next few trading sessions.
In this market condition one has to avoid fresh long positions and liquidate your positions and be in cash for the right buy opportunity and to sense one can start buying in small lots around 4325 levels.
Nifty to trade in the range 4550 – 4650, either side break to give a new direction to the market for the day.
Selling pressure to be seen in metal, Banking and capital goods, Tata steel can test 380 levels for the day.
Technically nifty to have support at 4600/4580/4550 and resistance 4630/4650/4700 for the day.
Have a nice trading day.
BSE, NSE Stock Ticker, India
Tuesday, September 1, 2009
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