Market Outlook 14/10/08

Market might explode heavily again today..!

It was a great trading day yesterday as nifty jumped above 3500 and it remained in bullish mode throughout the day and today also global cues are very positive and in all probabilities, nifty might open gap up.It was a historic day for U.S market yesterday as The Dow gained more than 11 percent in response to dramatic government economic relief efforts in the U.S. and overseas -- and the possibility of the even bolder American action-its biggest one-day rally since 1933, and by points it shattered the previous record for a one-day gain of 499, during the waning days of the technology boom in 2000.The Dow Jones industrial closed at 9,387.61 up by 936.42 points from the previous close.The surge came as executives from leading banks were summoned by the Bush administration to Washington to work out a plan to get loans, the lifeblood of the economy, moving again. And it followed signals that European governments would put nearly $2 trillion on the line to protect their own banks.
In indian market today, if nifty opens gap up above 3630, it will move straight to resistance at 3740 and crossover of 3740 may fire to 3820 straight.It will be interesting to see where it will open today.On downside below 3630, nifty has supports at 3550-3490-3445.It's an interesting day of trading and today it will be buy at dips again.

Stock watch for the day:

Relaince Capital (807): Buy this stock in dips with stop loss 790 for target 835-860