Market Out Look 30-SEPT-2009

On global cues market to open flattish with negative bias for the first hour of trading and there after expected to be volatility for the day.

Yesterday nifty has moved up marginally, if holds the 5000 levels can test 5150 in the coming days and however in the intraday it can test the 4950 levels and below this can weaken further, at this market condition traders should maintain a cautious approach at higher levels and one has to lighten their long positions and re-enter at lower levels.

Nifty to trade in the range 4900-5030 levels, a break below either side to give a new direction to the market, A close above 5030 will take the market to 5200 levels in the coming days and a close below 4900 to drag the nifty to 4790 in the coming days, Nifty to have support at 4950/4915/4880 and resistance at 5030/5050/5080 for the day.

Today IT, SHIPPING & PHARMA stocks to be will be in limelight.

Watch for SCI, DIVIS LABS, GEOINFO,FSL & GMRINFRA for the day.

The following are the scrip’s to buy for medium –term gains.

GMRINFARA >141, >IDBI >123 , DCB >42 , BATA >188, GTL INFRA >42, PETRONET >76,NDTV>165

Have a nice trading day.