Market Outlook 03/10/08

Below 4000 nifty remains weak

Indian market just recovered from low's on wednesday and closed good.But, as i mentioned on wednesday itself, today's moves will depend on global cues as yesterday was a trading holiday and global cues are negative for today as DOW jones fell 348.22 to 10,482.85 even after the $700 billion financial industry bailout found a second life on Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.Unemplyement worries again showing concern in U.S now.The U.S has also extended ban against all short-selling in the shares of more than 800 financial companies till 17th of this month.Light, sweet crude fell $4.56 to settle at $93.97 a barrel on the New York Mercantile Exchange. Gold and other commodities also declined during the session.So, be cautious in higher levels today.Nifty has to get past crucial resistances at 4000-4025 for further upmove and if nifty breaks 3920, it will slide to 3880 first and then break will take to 3845.

Stock watch for the day:

Today's calls only for clients