Nifty may retest 4730 and a breakout may see it above 4800

Nifty has come out of the short term downtrend after touching the lower band of the range. The upper level of this band is 4730 which Nifty is expected to breakout backed by firm Global cues. Mid Cap IT like 3 I Info, Rolta, Polaris , Sasken , Mphasis are poised for further upmove, Mid cap Pharma like Orchid has also broken out of the range. Tea stocks are also showing strength on charts.Old CG stocks like Punj Lyod, Welspun Guj and Voltas are also poised for further breakout.If 4730 is taken out then we we amy a lot of frenzy in these stocks. Watch out Neyvelilignite and REC.Rec is trading in unchartered terrotory and may see 250-270 levels.