Market Outlook 10/10/08

Disastrous slide in world market..!!!!

Though day before yesterday indian market recovered from low's, it is looking very weak today again because of the very bearish global cues and if nifty breaks 3330, on more big fall might come today and trading might be very volatile and intraday will be very dangerous at sometimes today.It all started with manipulators and continuing with them and the way, the things are going now, long term base will be formed very soon now and nifty looks all set to break 3000 !!
The Dow Jones industrial crashed yesterday by more than 600 points !! global market really looks scary at this stage and investors are all trapped now.A wave of fear about the economy sent stocks lower in the final two hours of trading after a volatile morning in which major indicators like the Dow and the S&P 500 index bobbed up and down.On the New York Stock Exchange, declining issues came to nearly 3,000, while fewer than 250 advanced.The Dow ended the day at its lows, finishing down 678.91, or 7.3 percent, at 8,579.19. The blue chips hadn't closed below 9,000 since June 30, 2003, and haven't closed at this level since May 21, 2003.Light, sweet crude fell $1.81 to settle at $86.62 a barrel on the New York Mercantile Exchange, the lowest closing price since October last year.In indian market, nifty might see some buying only above 3540-the previous support and most likely scenario is nifty will open gap down and if it breaks 3330, it will witness another major crash.Playing range is between 3330-3540.It is better to avoid intraday today as volatility might be severe sometimes in the day today.Infosys Technologies also might announce its results today.

Stock watch for the day:

Just avoid intraday today