Market Outlook 05/09/08

Market in selling mode

It was selling right from the word go yesterday as nifty directly made 4319 low.Inflation for the week ended August 23 announced at 12.34% down from 12.4% is just a little positive news for indian market-but The global cues are negative and if nifty breaks 4380 strong support, then market is gone.So, it's play between 4380-4485 now and any break will be too much.Yesterday DOW crashed more than 300 points to close at 11,188.23-down 344.65 from previous close just reminding of its previous drop of 358 points on june 26th.Light, sweet crude for October delivery fell $1.46 to settle at $107.89 a barrel on the New York Mercantile Exchange.For today, nifty will face strong resistance at 4485 and failure to cross will invite selling and downside supports are at 4420 and 4380.On upper side, if nifty gets past 4485 then it may go till 4520 resistance again.So, get ready for weekend action now.

Stock watch for the day:

Today's calls only for clients