Market Outlook 08/09/08

Positive Nuclear deal news will result in gap up opening

On friday it was a selling day as nifty made a low of 4329 and just saved 4320 support.Now positive news of nuclear deal will result in higher opening today.So, market is very bullish for today and will be interesting to see where it will reverse back and i think the fall of nifty this time around in coming day's might be severe.Let nifty jump and see how it reacts at strong resistances in coming day's.On global front, The Dow Jones industrial average was up 32.73 to close at 11,220.96 last friday and Light, sweet crude for October delivery fell $1.66 to settle at $106.23 a barrel Friday on the New York Mercantile Exchange -- its lowest close since early April.In an interesting development U.S Government has decided to take over mortgage financiers Fannie Mae and Freddie Mac and impact of this take over may be felt in next few day's seeing how market will react to this.For today, all global cues are positive and indian market is also looking very explosive for the day and closing today will also be of much importance for future trend.For today, nifty will face resistance at 4440 straight and then 4535-a very strong resistance which has to be watched and some selling might come at resistances and supports will be at 4440 and 4380 on downside.

Stock watch for the day:

DLF (494): Buy this with stop loss 486 for target 508-520