Market Outlook 10/11/08

Market in recovery mode now..!

Two days of fall and nifty didn't break 2850 support and now nifty will look good if stays above 3000.On global scenario,The Dow Jones industrial average climbed 248.02 points to 8,943.81.Stocks pared gains immediately after a news conference by President-Elect Barack Obama on some disappointment that he did not outline any new additional steps to shore up the ailing economy in the near term.Trading volume was also less.Oil rose slightly on Friday as the dollar slumped following bleak employment data in the United States, the world's top energy consumer.U.S. crude settled up 27 cents to $61.04 a barrel off earlier highs of $62.82 a barrel.For today in indian market, nifty above 3000 will try for 3050 resistance and if nifty gets past 3050, buying might emerge in the market or else sell from high continues.On lower side, nifty has big support at 2950 and it will turn towards 2860 again if 2950 gets broken, or else range might be 2950-3050 this time.Stay above 3050 only buying might emerge strongly in the market.

Stock watch for the day:

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