June3:Cover short on further decline.

The indices have reacted slightly excessively at the end of trading on June2, 2008. Liquidations by the entrapped day traders added to the excessive fall at the end of day. It has closed in the over sold zone on intra-day basis. Further selling at the current low levels is, therefore, not advisable. NIFTY/SENSEX are likley to find fairly good support in the range of 4670-4700 and 15800-1580 respectively. Resistance, on the upper side, can be expected around 4830 and 16360 respectively. Panic openeing, if any, should be used to cover open short postions. The higher levels may attract some partial profit taking in the stocks from HEALTH CARE and IT sectors.