MARKET VIEW:

Selling pressure continued on indices for second consecutive session. Indices did tried to cross previously mentioned level of 4100 but soon met with profit booking. With result season ahead we are likely to see market turning stock-specific and wild swings in intraday can not be ruled out. Volatile CRUDE prices may be ignored as long as it continues to stay above $131/barrel. Positive global cues would be welcomed in morning trades however traders are advised not to rely on them as decoupling is clearly seen in past few days. All in all, for the day we see indices having good support at 4000 & then at 3900 levels on lower side. While on higher side levels of 4190 will see strong bout of profit booking in case of an UPMOVE.

SECTOR INDICES:

BSE IT (3675.59)

For the day we are covering BSE IT index. Yesterday this sector had closed lower by 232 points or -5.94% at 3675 levels. In our previous update in June, we had clearly mentioned traders to EXIT stock of this sector in case we see IT index closing below levels of 4100. As of now we see this sector having good support around levels of 3400~3500 range and some short term pull-back from this level can not be ruled out.

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