Market Outlook 22/10/08

Volatility to continue in the market

Even though Nifty was bullsih and got past 3240 yesterday in the last hour, it couldn't sustain above that and closed below 3240-which will again play an important role today also.On global front, mixed third-quarter reports were dissappointing and The Dow Jones industrial average fell 231.77 to 9,033.66.The technology-focused Nasdaq saw steeper declines than the other major indexes after server and software company Sun Microsystems warned it would post a loss for its fiscal first quarter and book a write-down.Though credit markets around the world are easing out and is a good sign for the market.The dollar was higher against other major currencies, while gold prices fell.Light, sweet crude fell $3.36 to settle at $70.89 barrel on the New York Mercantile Exchange.In indian market for today, if Nifty gets past 3240 and sustain above that only we can see some movements around 3300-3330 levels and if nifty stays below 3240, it will test 3200 first and if breaks that, downside strong support is at 3150.Volatility will be continued for the time being.

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