24th July 08:Markets heaved a big sigh of relief as UPA won the trust vote and it got big thumbs up from the stock markets. Sensex spurted by 850 points as it again came tantalizingly close to 15000 marks that was looking a very distant target only a couple of days ago. Power stocks as well as the ADA group stocks were biggest gainers while banks too maintained the momentum they have shown in past few days. All the sector indices were up. Volumes were extremely good and the breadth was excellent.

Nifty closed above the 4465-70 resistance level and is now headed towards 4560-75 where its faces a sterner test. This also coincides with Sensex resistance at around 15200-300. So far the leaders from banking, Power, Realty and Infra have had a very good run up and we may be entering a side ways phase where the second rung counters from these industries could try to catch up with the leaders. So while the likes of SBI, Reliance Cap, L&T, Bhel, REL, NTPC and ICICI bank might consolidate/correct, action might shift to the likes of DCB, BOB, Vijaya Bank, IDFC, JP, Punj, GMR Infra, Kotak, Bombay Dyeing, Unitech, HCC, IFCI and other such second rung stocks.

Nifty faces immediate resistance around 4510 and a stronger one around 4570 while support is now at around 4390-4410 and a stronger one around 4335-4350.