Daily Calls- 11th Aug 2009

9:42 AM 8/11 RESEARCH: MARKET OUTLOOK: As we mentioned in the weekly market outlook newsletter that, NIFTY tested the key support level of 4620 suggesting weakness may persist till 4420 levels. Yesterday, NIFTY tested the support level of 4420 and if NIFTY breaks 4380 levels on daily closing basis then short sellers would be capturing the market till 4205 levels and further suggesting that the intermediate trend would be changing from uptrend to downtrend. For the intraday trading sessions, NIFTY may open flat to positive and it can be expected to trade sideways. If Nifty trades convincingly below 4420 and 4380 levels, then it is likely to test 4342 and 4315 levels. However on the upside 4510 and 4530 levels may act as resistance levels for the day. On the sectoral front, SUGAR and TEA stocks may witne