Market Out Look 08-SEPT-2009

On global cues market to open on the higher side and to trade with positive bias for the day, As Asian market are trading in green our market too is expected to be on the higher side during the first hour of trading and profit booking is expected at higher levels during second session of trading.

If nifty holds above 4790 levels can test 4850 today itself, nifty to trade in the range 4630-4850, either side break to give a new direction to the market in the coming days.

If nifty closes above 4790 for next two trading session then can test 5180 in the coming days with some minor correction and a strong support at 4620 levels.

As the global economy is recovery side and our monsoon revival to boost the sentiment in short-term, but one has to be cautious at higher levels and book profits at regular intervals and be in 30% cash position to buy on panic fall.

Activity to be seen in IDBI,NAGARJUNA FERTILIZER ,NDTV,ISPAT,FSL,BALRAMPUR CHINNI,NEYVELI LIGNITE AND BHARAT FORGE, one can buy these stocks for short-term gains from the current .

Technically nifty to have support at 4760/4730/4650 and resistance at 4820/4850/4880 for the day.