Market Outlook 10/09/08

Market set to open weak again

With negative global cues, indian market is also set to open weak today.Yesterday nifty did break 4440 support and closed just above 4460 and today again looks weak and even global cues are negative today.Dow Jones industrial average fell 280.01 to 11,230.73.Oil closed below $104 a barrel for the first time since early April after Hurricane Ike appeared to be headed away from energy installations in the Gulf Coast.Light, sweet crude fell $3.08 to settle at $103.26.OPEC oil ministers decide curb overproduction by more than 500,000 barrels a day an attempt to prevent prices from falling too far.Crude oil is highly manipulated.So, in indian market today, nifty will face tougher resistance at 4500 and on downside strong support exists at 4420 and below that panic will be created in the market and nifty will slide to another huge support on further downside at 4380.

Stock watch for the day:

India Info (136): Short this stock with stop loss 141.5 for target 130-126