Market Outlook 15/10/08

Market looking tired after huge rally

It was huge rally and then profit booking at the end in indian market yesterday and higher level was exerting pressure continuously yesterday.In global scenario, The Dow Jones industrials declined 77 points on Tuesday after piling up their biggest point gain ever on Monday on news of Europe's rescue plan and in anticipation of the United States' new measures.Profit-taking set in after the Dow surged more than 400 points at the opening.Big banks started falling in line Tuesday behind a rejiggered bailout plan that will have the government forking over as much as $250 billion in exchange for partial ownership.Only time will tell whether this bail out plan will work or not as investors are still not confident and definetly takes some time.The Dow fell 76.62 to 9,310.99. Light, sweet crude fell $2.56 to settle at $78.63 per barrel on the New York Mercantile Exchange and The dollar fell against most other major currencies, while gold prices declined.In indian market today- if nifty gets past 3560, it will move to first resistance of 3600 and if breaks taht allround buying might come in.But, for today 3560 and 3600 are very tough resistances where selling might come in again and on lower side, supports are at 3490 and 3445.Markets may open flat today and then after europian market opens may show some strong movements.

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