==>> Tug of war between the buyers & sellers leads market to close flat

Markets closed flat today. Indices opened with a gap in the positive zone, but seem to lost its control, and sliped in the red zone. But recovered in the closing session and finally closed flat. Sensex closed at 34 points + at 14875 after making a low of 14608. Nifty closed at 4525 after making a low of 4451. Nifty has a good support at 4450 levels. Its been a 2nd consecutive day, Nifty have closed above 4500 levels. But still there is selling pressure above 4500 levels. Fertilises stocks outperformed the Indices. Banking stocks helped the last movement pull back rally.

The Candlestick pattern made in the Nifty chart suggests that we might see some serious correction in the near term. The clear picture will be there, not before tom. As this kind of movement indiacates the tug of war between the buyers and the seller, that leads to volatility in the market and the indices closes flat. But when this candel stick pattern is made at the top level, the markets may see some correction. Markets also have been trading in the over bought zone. Nifty has a resistane at 4558 levels. Few days back I had given some buy calls on Suzlon, Opto Circuit, Moser baer, NTPC, DCb, Satyam etc.... major of the stocks have done well, but now I would suggest to book profits, as the stock prices may come down. Do not carry heavy positions.