Market Outlook 08/10/08

Market still under slippery mode

Though indian market witnessed selling even yesterday, it saved important support of 4540 and closed above 4600 showing little strength compared to U.S market and today again global cues are ver negative and nifty might well test 4540 again and break of that will take it down to 60-100 points.It was scary market in U.S as Dow crashed more than 500 points as investors are uncertain of economy slowdown and measures taken by the government on financial status and at the close The Dow Jones industrial fell 508.39 points to 9,447.11.Economic pain is going on increasing and whole world market is getting effected now.Today Great Britain is announcing its financial rescue plans for their problamatic banking system and this may invite some buying in the market later on from low's.For today, if nifty breaks 3650, it will face very strong resistance at 3680 where heavy selling might come in and if crosses, things may turn little positive and on lower side if nifty breaks 3575 support, it may well test 3540 again and break of this crucial support may take nifty towards 3500 and then 3465 very strong support.If nifty opens gap down, buying might come in from low's.Be carefull in today's trading.High volatility also is also expected because of tomorrow's trading holiday.

Stock watch for the day:

Today's calls only for clients