valuetrading

nearly half the turnover and half the short positions of yesterday carried today were short covered, since volumes were less and market came down toward the end, the pullback today seemed to be lacking conviction, even 4400 seemed to be too much to be overtaken. The nifty futures dicount has come down to 38 points. 50 dma support comes in at 4342. If global markets are firm tomorrow a strong opening above 4363 and then 4404 should be taken off followed by 4419. levels above 4419 are 4425/4440/4450, immediate supports 4339/4327/4300.