Market Outlook 20/10/08

Markets are about to move up now !!

It was a fearfull fall for indian market where nifty went near 3000 levels on friday.Now the global scenario has to help in lifting the market from here on.The Dow Jones industrial average lost 127.04 points on Friday to close at 8,852.22, after falling 261 points in the early going and rising 302 points - a 563-point range.The dollar was mixed against other major currencies, while gold prices fell. Light, sweet crude rose $2 to settle at $71.85 a barrel on the New York Mercantile Exchange.Only positive signs was volatility was not severe like in the past days and signs of market settling down is evident.Credit markets are showing signs of revival and will be interesting in coming day's and also market all over the world are over sold.In indian market, nifty has great support at 3000 and above that it will move towards 3100 resistance and if fails to cross 3100, then chances of testing 3000 is on again and break of 3000 will definitely take into one more support area at 2945-which will be held for sure.On upper side if nifty moves past 3100, then buying will come in to take nifty towards 3165-3200 level.If there is lower opening near the supports, don't go for selling as buying or solid recovery is expected from lower levels today.Panic is only if nifty breaks 2945 support, otherwise big upmove expected.

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