More selling expected on Friday

Market participants are skeptic about the quarterly numbers on the back of fear that corporates may be carrying derivative losses in their balance sheet. They are offloading their position at higher levels on intraday basis. Nifty is well above 4634 and is still facing resistance at 4813.

The market moved between positive and negative territory due to lack of strong participation from investors ahead of industrial production and inflation data on Friday, 11 April 2008. Key indices, which had soared in mid-afternoon trade, fell sharply in the last hour of trade led by sharp decline in banking stocks.

More selling is expected on Friday ahead of the long weekend and Infosys quarterly numbers.

We may see a range bound to negative market tomorrow. Buying is expected in Cairn India, Sail, Neyveli Lignite and in Large cap software stocks, said Alex.There are concerns over inflation numbers to be announced tomorrow afternoon. Selling pressure and profit booking is likely to be seen on Friday.

Overall market may remain weak in the next trading session