Market Outlook 27/08/08

Market taking supports and volatile

Yesterday indian market didn't take any negatives of global cues and this is only because of expiry setting up and today it looks good, but volatility will continue for this week.On global scenario,The Dow Jones closed up 26.05 points at 11,412.30 and U.S. crude settled up $1.16 at $116.27 a barrel.Oil is raising and is little concern now and market mover Reliance Industries is struggling a lot and unless it clears its hurdles at 2220 and 2250, it will remain weak only and will face selling at higher levels.Lots of volatility is seen in this expiry time.For today, if nifty breaks above 4340, it will face strong hurdle at 4380-4390 and failure to cross will invite heavy selling and if gets past that resistances it will race to 4420. On downside, 4280 will act as strong support for nifty today.

Stock watch for the day:

Kotak Bank (598): Buy this stock with stop loss 586 for target 615-620