Profit booking expected from tomorrow`s high level.

>> Thursday, July 24, 2008

``It`s a well known fact that the market was cheerful due to the fact that government had won the confidence motion, also taking cues from low oil prices and global markets. Surprisingly the market was able to sustain at higher level without any profit booking, and this was somewhat a surprise element. Anyhow in the daily charts the market entered into the over bought zone. So one can probably expect some profit booking or weakness from the tomorrow`s high level,`` said technical analyst, Suresh Iyer.

``The Nifty has support levels at 4,442, 4,408, 4,361, 4,352, and 4,273 and resistance stands at 4,532, 4,561 to 4,586 and 4,646,`` Iyer added.

For tomorrow, the strategy should be to watch for an intial hour, and subsequently the short term traders should book profits, Iyer adviced.

With regard to the performance of sectors today Iyer commented, ``Banking and power sectors were out performers, but participation was seen from all sectors. Mainly Reliance, Reliance Communication, State Bank of India, ICICI bank and BHEL contributed towards the rally.``

Source: - Iris.

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