While commenting on stock market outlook for Tuesday (June 2), Alex Mathew, Head, Research Centre, Geojit BNP Paribas Financial Services, stated that the major support for Nifty is at 4429 and 4380.

Mr. Mathew has also suggested a strong resistance for NSE Nifty in 4550-4610 range.

He added that the stock market is heavily over bought and capitalists should be watchful when market is trading near to the resistance levels.

“We may see profit booking coming into the market from tomorrow or day after tomorrow,” he added.

While talking about the market performance on Monday, he said that Sensex belled the day in green owing to positive signals from the worldwide markets traded positively throughout the day amid volatility with midcaps and smallcaps heading the rally to end the day in green near to day’s high.

The Asian markets as well as the US markets were backing the Indian markets to open the day on a positive note.

During the afternoon session, the markets remained volatile but the positive indications from the US index futures and the European markets assisted the markets during the second half.

The decrease in the lot size of stocks including Maruti, SAIL, AXIS Bank, RIL and SBI will encourage retail investors to trade in these stocks.

Crude climbed up to $68 mark activating further uptrend in private sector oil companies such as Carin India, Essar Oil, MRPL etc.

Midcap stocks in the infrastructure sector that comprises the IVR Prime, Kolte Patil Developers, Ansal Infra, DS Kulkarni etc were all moving towards the north anticipating good moves from the new administration shortly.

Among the sectorial indices, the major gainers list included Realty, which gained 5.65%, Metal surged 5.32%, IT increased 3.95%, FMCG surged 2.76% and Consumer Durable profited 2.68%.

On Nifty, the major gainers list included Suzlon, which gained 16.19%, Unitech increased 15.89%, Cairn surged 12.4%, TISCO zoomed 8.38% and Sterlite soared 7.26%.

The top losers were Axis Bank, BHEL, ICICI Bank, IDEA and Bharti.