Market Outlook 12/09/08

Positive global cues may help indian market today

Market again broke important support at 4280 yesterday and closed at 4290 and inflation figures released yesterday evening came at 12.1 % from 12.34 % a week earlier and is little positive for the market and even the global cues are very positive today and this may help india market also to pick up from here.But will be very interesting to see how it reacts at important resistances from here on.On global front, Dow Jones industrial average rose 164.79 to 11,433.71, after falling by as many as 170 points in the early going.Light, sweet crude fell $1.71 to settle at $100.87 a barrel on the New York Mercantile Exchange and with these many positive cues, indian market also has to pick today and nifty above 4300 will move to first resistance at 4325 and then will face strong resistance at 4365 and failure to crossover will invite selling again and if gets through that, then it will move to 4380-4400 level.Overall an interesting day today.Downside, if nifty breaks 4280-supports are at 4235-4200.

Stock watch for the day:

Reliance Infra (992): Buy this with stop loss 985 for target 1015-1030.If it is below 985, it is not a buy