Market OutLook 18-sept-2009

On global cues market to open flattish with negative bias during the first session of trading and at lower levels buying can emerge.

Yesterday nifty could not get over 5000 marks, we expect correction in the market today and advice traders to lighten their long positions by booking partial profits and wait for the correction to re-enter at 4850 levels which is a strong support a break below this can drag the nifty further and can test 4650 levels.

Nifty to trade in the range 4950-5030, either side break to give a new direction to the market.

Technically nifty to have support at 4950/4920/4880 and resistance 5000/5030/5050 for the day.

The following scrip’s appears good for short-term investments
Chambal > 56, 3iinfo >91, Ifci > 60, Raymonds > 212, Dabur > 131, Nag cont > 144 and Essar oil > 165

Have a nice trading day.