After yesterday’s steep fall markets have shown some stability and are holding the 4350 mark. The trend still remains nervous as we don’t find any fresh triggers which will help the markets to sustain above the 4510 mark. There are lots of resistances at every higher interval and we believe that profit taking cannot be ruled out.

The current trend has turned very volatile and the range for nifty could be 4140-4650. Immediate support is seen at -4360; unless we see a break below these level we don’t see any fresh sell-off taking place. For tomorrow trade the resistance is placed at 4460, stability above this level could bring huge short covering.

1) IDEA (77.70) – Buy with a stop?loss of 76, counter showing sign of revival resistance is at 81, if maintains above then look for 86.

2) IFCI (52) – Buy and hold with a stop?loss of 48, unless you see a break below this level we don’t see major correction in this counter, 54 is the resistance point if maintains above then in the short term target looks 60 and in the medium term 67.

3) ROLTA (167) – This stock is about to enter into a huge breakout zone, the stock has consolidated a lot and as a strong support at 140, unless you see a breakdown below this point every fall is a buying opportunity, in the short term target looks 180 and in the medium term 201.

NIFTY DAILY FUTURE CHART: Nifty is still above its important support of 4360 as shown below, unless you see a breakdown below this point we don’t see major sell?off happening. On the higher side 4510?4540 acts as a strong resistance point, if markets maintain above 4540 then next is 4610.