Market witnessed a terrific rally once it crossed 4840 mark and now one more strong resistance is in the range of 4965-4975 and if doesn't cross this resistance market will come down and if crosses this resistance, then it will zoom to 5050 range.For today, there might be some gap filling exercise because of sudden raise in the market.So, above 4900, nifty might look into 4960-4975 resitance and if fails to cross, downside major support is at 4840 only.
Stock watch for the day:
L&T (2806): Short with stop loss 2840 for lower target 2760 range.If moves above 2840, don't go for short
Wednesday, April 16, 2008
Market Outlook 16/04/08
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