The markets corrected for the fourth consecutive day on the back of selling in index pivotal stocks. Selling was seen in shares of oil & gas exploration, capital goods, pharma and select auto and power companies. However select buying seen in realty, metal and oil marketing shares. The Sensex fell 69 points to settle at 15,398. It slipped nearly 200 points from intraday high of 15,598. The Nifty closed below the 4600 mark at 4593 down 15 points. Among the broader indices ? the BSE Midcap Index rose 0.22% and the Smallcap up 0.7%. The volumes were lower for the second day and the breadth was negative. The Sept nifty futures ended with 10 points discount. The short term trend continues to remain nervous as huge pressure is build at higher levels and importantly global markets are also not giving any positive signs. Going forward markets need a solid trigger to lift the market sentiment and also leadership is missing in the index pivotal.

Currently the trend is weak and we are in the range of 4450? 4730 where it's difficult to take a call which way the market is moving. Volumes are getting lower as participants are waiting for the right direction.

For tomorrow support for nifty is at 4530, traders can take a chance of buying nifty at lower levels with a strict stop? loss of 4480. Resistance area is 4650, unless we see nifty maintaining above this level buying should be avoided.

STOCK IDEA:

1) ABIRLANUVO (976) – Buy with an investment view, support at 940, short term target looks 1050?1105.

2) INDIA INFOLINE (134) – Buy and hold, counter showing strong resilience in this falling market, strong support at 126, short term target looks 145 and if maintains above 145 with huge volume then 160.

3) SESA GOA (214) – Buy and hold with a stop?loss of 206?203, counter showing sign of revival, short term target looks 227?235?250.