Market Outlook 17/10/08

Market looking good for upmove !

It was a drastic day in indian market yesterday as nifty crashed right till the strongest support of 3100 and then bounced back.On global market today, things are positive and indian market also might take these positive cues.The Dow Jones industrial rose 401.35 to 8,979.26, showing an 816-point swing from its low to its high of the session and displayed a Very very volatile trading yesterday.The Dow changed directions 75 times in Thursday's session.Credit markets are performing better this weak than last week because of the government rescue steps and since things are not yet settled properly, volatility is expected to continue in the market and the past 10 day's has seen severe movements in the market.The sweet crude fell $4.69 to settle at $69.85 a barrel on the New York Mercantile Exchange, the lowest settlement price since Aug. 23, 2007.The dollar rose against other major currencies.In indian market, nifty has strong resistance at 3330 for today and if able to cross that then it will make moves to 3400 straight.On downside if nifty breaks 3220-strong support for today, it may test 3165 support.If there is gap up opening near 3330 and unable to cross 3330, some selling might come for sure.

Stock watch for the day:

Reliance Infra (558): Catch this stock above 566 with stop loss 550 for target 585-600