Wednesday, 3 June 2009

BUYING CAN EMERGE TOMORROW IN FRONTLINE STOCKS

Nifty closed 0.12% higher on Wednesday, after a choppy session, profit booking was visible in banking, oil and gas and capital goods stocks. Selective buying interest was visible in mid cap stocks.

As the extreme short term indicators are corrected to certain extend, we can see selective buying in A group stocks. As the high beta stocks have gained over a period of time, we can expect low beta stocks (especially FMCG and Pharma) will get renewed buying interest.

Nifty has support at 4480 and 4430. Resistance at 4550, 4578 and 4610.