Market Outlook 10/07/08

Always remember that the future comes one day at a time....

It was a very good day for market yesterday and now near to crucial resistance at 4220-4245 and failure to cross this will invite heavy selling again.If the market opens low, buying will emerge from lower end.Higher levels are exerting pressure and lower level invite buying and this will continue today also.Oil prices remained a concern as they finished about where they began Wednesday after jumping more than $2 earlier on reports of lower U.S. oil stockpiles and an Iranian missile test settling at $136.05 a barrel on the New York Mercantile Exchange.The Dow fell 236.77, to 11,147.44 a day after rising more than 150 points.The dollar fell against other major currencies and Gold prices rose.Indian politics still not settled and even though Mulayam seems to have given his support to the government, there is not guarantee that government will survive and until the government prove their majority, uncertanity will continue in the market.For today, nifty above 4165 will face strong hurdle at 4220-4245 and below 4160 will have strong supports at 4115 and then 4060.

Stock watch for the day:

ICICI Bank (622): Short this stock around 630-635 with stop 645 for target 615-610