Market Outlook 09/08/08

Market still vulnerable at higher levels..!

After huge gap up opening in the market yesterday, it went for selling in the last hour and it show's the same story as before and market not able to hold on at higher levels.On global front, because of the U.S government decision of taking over mortgage giants Fannie Mae and Freddie Mac, Dow Jones industrial average rose 289.78 to 11,510.74 after being up nearly 350 points in the early going.Light, sweet crude for October delivery rose 11 cents to settle at $106.34 a barrel on the New York Mercantile Exchange. Hurricane Ike fanned unease about the well-being of Gulf of Mexico oil infrastructure that could be in its path.For today, if nifty moves above 4500, it will again face resistance at 4545 range and fail to cross will face selling again and nifty below 4500 will test 4470 strong support first and then move towards 4435 is possible.

Stock watch for the day:

Today's calls only for clients