Out look for Tuesday

"Both the indices opened on positive note taking cues from the firm close of US markets on last friday, and also strong trading of asian peers, however, the moment the indices are near 20 DSMA selling emerged and continued throughout the day, thus, resulting in negative closing for the day.

Lack of conviction to commit at higher levels, due to continued pessimism domestically lead to the fall. ICICI IPO shall open for subscription today and structuring of the offer encourages retail investors to take part in it. Though, it is one of the largest public offering, it will be easily successful, owing to interest in the sector, and the bank in particular. The issue closes on 22nd of this month. Nifty futures closed at 19 points discount for the day, indicating continuation of bearishness. Markets shall be choppy from now on, due to the roll over of positions to next series. Bulls have to defend the 50 DSMA which now stands at 4120.69 (Nifty) and 13994.93 (Sensex); failing which markets shall seek low levels to test the 100 DSMA.

The day's range for Nifty shall be 4100 (Support) and 4250 (Resistance); Sensex shall be 13950 (Support) and 14400 (Resistance)