Nifty has support at 4718: CLSA

Here are expert equity calls for the day on how the markets are expected to trade:

Laurence Balanco, CLSA: The recent rebound hasn't changed our bleak technical outlook for the majority of regional markets and the S&P 500. For Nifty, we remain bearish against the 5200-5300 level with an expectation that the downtrend will reassert itself. Initial support is seen at 4718 and then at 4250.

Manoj Singla, Religare: We have modified our portfolio to position for a peak in the rate cycle even as our strategy view remains broadly intact. We have therefore upgraded autos & telecom to Overweight and cement to Neutral while reducing real estate to Neutral and energy to Underweight. We retain our positive view on IT, banks & infrastructure.