Market outlook 15/09/08

Market is at huge support area now

Market at huge support area now and break beyond these levels might be another huge crash.On global front, The Dow Jones industrial average fell 11.72 to 11,421.99.Bank of America Corp. has agreed to buy Merrill Lynch & Co. for about $44 billion, or around $29 a share, according to The Wall Street Journal.Merrill has reported four straight quarterly losses, and its stock has been sliding.The price for a barrel of light, sweet crude tumbled $2.43 to $98.75. So, for today in indian market nifty above 4250 will find resistance around 4280 where heavy selling might come and if 4280 is broken it will find another big resistance around 4325.If nifty breaks 4200, things might become very very bearish and will be interesting to see if 4165 support holds any meaning or not ! But, one is adviced not to go for blind selling if there is huge gap down opening.In coming day's nifty breaking 4200-4165 might go straight to 4000-3900 straight.Delhi bomb blast and other negative factors also will add to the bearish trend of the market.Anyway's will be interesting to watch the week begining today.

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