20-05-2009: Traders must book profit in all the long positions if held and keep cash in the portfolio

Market may have negative opening today.
Most Asian market are flat to positive and US market closed mixed.
It will weigh down the market and some more profit booking will take place.
Nifty has support at 4200 & 4155.
Resistance for Nifty placed at 4310 & 4400.

Monday's trading session did not give chance to anybody to trade at all and Tuesday's session had highest turnover seen in the near past.
Total volume on both the exchanges NSE & BSE was record breaking while market traded with wild swings in both up and down side giving ample opportunity to both bulls and bears to try their luck at the bourses.

IT and FMCG stocks were out of favor while banking, realty and infrastructure stocks were chased at any available price as if there is no tomorrow.
ADAG stocks like Reliance Capital, Reliance Infra, Reliance Communication etc. were big gainers on the anticipation of SP being included in the new Government.

Some buying may again start at lower levels as market may not give up all the gains immediately but in the early morning session some lower levels are likely to be seen.

Small cap banking stocks like Dena Bank, Vijaya Bank, DCB to name a few can be bought as these stock may see good momentum in the coming days.

Sell any large cap stock of your choice and make good fortune.
Traders must book profit in all the long positions if held and keep cash in the portfolio.

Today if Nifty break 4270 it may move lower to 4255.
If Nifty breaks 4250 then expect levels of 4230 & 4220 easily.
If Nifty spot fails to maintain 4210 then expect 4185 & 4170 also.

On the higher side until Nifty moves above yesterday's closing of 4318 no up move is expected.
Above 4325 for Nifty spot Nifty will be able to test 4340 & 4355 as well.
If 4355 is also broken with volume we expect higher levels of 4380 & 4400 as well.

We recommend to sell Reliance Capital, Reliance Infra, Reliance Communication, SBI, L&T, BHEL, Bharti & Educomp and build short positions to gain in the short term.