Market Outlook 11/09/08

Inflation figures announcement in th evening may bring in volatility

It was another bad day for indian market yesterday as it crashed to its strong support at 4380, but never broke it.Well, it would be very interesting to see nifty today as in the morning session if 4380 is still held it can move up to test 4440 resistance again and failure to break will come down to retest 4380 and break will be very bad.On global front, Dow Jones industrial average rose 38.19 to 11,268.92 after dipping briefly into negative territory, rising by nearly 150 points, and then pulling back again.Lehman shares fell another 54 cents to close at $7.25, after plummeting 45 % on Tuesday.Bank and brokerage stocks finished mostly lower after Lehman Brothers Holdings Inc. said it plans to sell a majority stake in its investment management business and spin off its troubled mortgage assets.Light, sweet crude fell 68 cents to settle at $102.58 per barrel on the New York Mercantile Exchange.For today, in indian market nifty above 4400 may test 4440 resistance and if doesn't cross, will come back again to retest 4380 and break of 4380 will take it t0 4325 support.Today evening, inflation figures will be announced and market may be cautious and last hour may turn volatile again.

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