high valuation for the market. The recent rally in Asian mkts was due to economic recovery in emerging markets, mainly China and India.
It is likely that in coming days ahead our markets are likely to consolidate before commencing on its march ahead. The undertone of the mkt appears bearish due to wedge formation on the charts. Market is likely to show bearish mode till 12th August due to NHPC IPO which opened on 07 Aug 2009. If Nifty falls below 4400 level one may see further fall happening in the market and if Nifty crosses the level of 4800; than the Nifty can see 5250 levels.