Market Outlook 02/09/08

Indication of strong opening today

As expected nifty opened weak inline with cues taken from world markets and then bounced back in later stages and on global cues,Hurricane Gustav's effect was not alarming as expected and also precautionary measures had been taken well in advance this time around and due to this effect of weekening of hurricane- Light, sweet crude for October delivery fell $4.34 to $111.12 in late afternoon electronic trading on the New York Mercantile Exchange.The Dow Jones industrial average was up 171.63 to close at 11,543.55. For today, Nifty will face hurdle around 4385 and failure to cross may invite selling from higher levels again and the supports on downside are at 4320 and 4280.Tomorrow is a trading holiday and so trade with caution.

Stock watch for the day:

Punjab LLoyd (310)-Buy this stock with stop loss 303 for target 318-323