Market Outlook 21/02/08

After being in negative zone yesterday nifty is expected to recover today along with positive asian markets.Yesterday FII's were net sellers with 266 crores.Today R-Group stocks has to be watched and recovery in them may pull up nifty also and if nifty moves above 5185, it will test 5220 strong resistance and if croses then again move towards 5260 first and then all round buying again.But, if nifty remains below 5175 it remains week and may test 5120 again and if breaks downside strong support exists at 5070.If opens week, lower level buying can come at supports.At higher levels, again selling will come today and only if opens too much gap up then only its complete pull back or else higher level selling will continue.

Stock watch for the day:

Bajaj Hindustan (270):Watch this stock at higher levels and if fails to cross 280, short it for tragets 268-262