Market Outlook 19/08/08

Gap down opening expected

Well, it was a weak market yesterday with nifty breaking down and just saving the crucial support of 4375.But, today, this might be well broken in low opening itself and next support will be at 4340 and the most crucial is at 4265.On global scenario, he Dow Jones industrial average fell 180.51 to 11,479.39. The Dow had been down about 225 points at its lows of the session.Weakness in the overall financial sector sent the Dow Jones industrial average down more than 175 points.Oil prices declined slightly after briefly jumping above $115 per barrel as Tropical Storm Fay approached Florida, but appeared unlikely to disrupt installations in the Gulf of Mexico. Light, sweet crude fell 90 cents to settle at $112.87 a barrel on the New York Mercantile Exchange, after rising as high as $115.35.On Monday, the dollar was mixed against other major currencies, while gold prices rose.For today, nifty will face resistance at 4405 and then at 4450.

Stock watch for the day:

SAIL (140): Short this with stop loss 143.5 for target 136-134.