Technical analyst Vishwas Agarwal stated that some trading action is possible, on Friday (August 29), on the Bombay Stock Exchange (BSE) above the 14,150 level, as inflation numbers for the week ended Aug 16, 2008, came below hope in a surprising manner.

He also said that the upbeat mood in the international markets will help some recovery of the stock markets.

Mr. Agarwal added, “Banking, property and ADAG group stocks are likely  to rise, but that is not a confirmation of any bull run. Trading opportunities are possible, so go for profit booking. BSE will reach a high of 14,350 and 14,555 levels.”

P. K. Agarwal, president - research, Bonanza Portfolio while commenting on the market said that Nifty may open negatively on Friday.

He also said that on Thursday, Nifty showed heavy selling pressure from higher levels and closed at 4,214.00 after losing 78.10 points with higher volumes and bearish market breadth.

Nifty broke the range on the downside. Nifty has vital support at 4,190.

“For the daily purpose trend deciding level is 4,225. If Nifty shows strength above 4,225 with good volumes then we may see a rally upto 4,255/ 4,295/ 4,325. On the other hand, if Nifty doesn`t sustain above 4,225, then we may see a decline upto 4,190/ 4,155/ 4,125. Friday being the last trading day of the week Nifty may be volatile. Traders should be cautious,” Mr. Agarwal added up.