Market Outlook 23/09/08

Crazy jump of crude oil shows the depth of manipulation !

Yesterday nifty reacted exactly at my resistance level around 4265 and came down towards 4200 and weekness is expected to continue today also and today there might be lots of volatility in the market due to various factors like thursday expiry and uncertain global cues etc.In global scenario, it was crazy trading in crude oil which shows the depth of manipulation in that ! Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37.The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit. Trading resumed seconds later after the daily limit was increased.The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit. Trading resumed seconds later after the daily limit was increased.The Dow Jones Industrial average crashed 372.75 points to close at 11,015.69 as given here yesterday (read my yesterday's blog) For today, in indian market nifty below 4200 will be very weak and will move towards 4140 strong support and break of this will be very bad for the market.Upper side nifty will face resistance around 4240 and then at 4270 strong resistance.

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