Stocks are likely to extend gains on Tuesday after crude oil slid to a 14-week low, easing inflation concerns. However, gains could be capped as investors await the Index of Industrial Production data for June, which will be released today. Institutional players are also playing their cards carefully ahead of SEBI's meet on Wednesday to review FII regulations, where it may revisit the norms relating to P-notes.
Resistance in rallies is at 4654-4670, which if sustained, then one can expect an upward march to 4722 in an optimistic scenario. Crucial support is at 4542-4558, which if breached, can lead to some more profit booking.
Tuesday, August 12, 2008
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