Nifty will face resistance on upside at 4,564.

Yesterday nifty touch & back from our level 4400.
Now as per the wave theory, we are expecting a bounce from the current evels up to 4,800, which is our short-term target for Nifty, while our revised short-term reversal is at 4,500. Nifty will face resistance on upside at 4,564. The next level to watch out for will be 4,714. However, on downside 4,448 level and low of the day 4,411 are important support levels. The market breadth was strongly in favor of bears with 1,039 declines as against 171 advances
Hot Stocks of the day Britania, IFCI
Tech Stocks Looks Week, Praj Ind Looks Week Its break 180 level & more downsides seen after break 170 level.
Bounce back possible in Bank & real Estate stocks.
Grasim Keep SL 2200 tgt 2250,2270

ScripName------S1---S2---RS.---R2---R1---Position
Nifty----------4419-4458-4487-4511-4539-Go long above R2.
Adlabs---------508---517--526--531--539-Go long above R2,Go short below S2.
Cent. Text-----555---565--575--585--594-Go long above R2,Go short below S2.
DLF------------464---475--481--491--499-Go long above R2,Go short below S2.
Icici Bank-------732---742--750--763--773-Go long above R2
Infosys---------1865-1889-1904-1916-1941-Go short below S2
J P Asso.--------179---181---184---187---190-Go long above R2
Reliance--------2109-2139-2163-2199-2218-Go long above R2,Go short below S2.
Rel.Cap---------1059-1079-1096-1112-1131-Go long above R2,Go short below S2.
SBI-------------1260-1279-1293-1303-1320-Go long above R2.