Market Outlook 06/10/08

Market near the crucial edge again !

Indian market crashed again on friday and closed well near to 3800 support area.On global front, The Dow Jones industrial fell 157.15 points to 10,325.70 after the U.S. House of Representatives approved a $700 billion financial rescue plan as investors are still in uncertain condition about this rescue plans of the government.The U.S. crude settled at $93.88 a barrel, down 9 cents.Now for today, if nifty reminas above 3800 it will be positive and if breaks 3800, then it will slide heavily towards one more big support area 3745-which has to be protected or else another 100-150 points big fall cannot be ruled out and on upper side, nifty has crucial resistanes at 3870 and 3920 and then 3980 strongest resistance.So, watch out for the crucial begining on the week.It will also be interesting to see the market major Reliance Industries in action today.
Banking, Real estate and Infrastructure stocks will be interesting to watch today.Nifty might also open gap down near the support area.So, better to watch out for the crucial first hour.

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