Market Outlook for 8th November

08/11/07

Today Low Opening Expected

As expected, nifty didn't break 5700 strong support even though nifty is around 5700 for almost 3,4 day's now.It seems like nifty is consolidating around 5700-5800 for major break through above 6000 or might be getting ready for breaking 5700 and move towards 5500 in coming day's.. Anyways, opening will be interesting.On downside, 5700 still holds strong support .On upper side, 5865 will act as major resistance for nifty today and any move above that will take nifty towards 5900 odd and also interestingly many over heated stocks like RPL, Reliance Capital are corrected a lot and if the market moves above 5900, these stocks might blast.

Stocks to Watch for today:

Ongc: (1293) This major stock is near its big support of 1280 and if holds this support, will move towards target of 1330-1350 and incase if support is taken off then we might see 1250-1260 on downside.