Market Outlook 21/08/08

Market will witness selling at higher levels

Though indian market was very positive yesterday and also closed positive above 4400, higher level selling might be witnessed today.The Dow Jones industrial average rose 68.88, or 0.61 percent, to 11,417.43 after being down by nearly 60 points and up more than 100.Light, sweet crude rose 45 cents to $114.98 per barrel on the New York Mercantile Exchange, after alternating between gains and losses.The dollar rose against other major currencies. Gold prices also rose.Asian markets are trading in red and indian market will definitely face selling today at higher levels.For today, nifty spot will face hurdle at 4440 like yesterday and if breaks 4440, will go towards 4470-4480 where heavy selling will come.On downside 4380 will be important support to be watched and break of that may go to 4350 and then to 4325.

Stock watch for the day:

Today's calls only for clients