Market Outlook 11/11/08

Watch out for higher levels

As expected and told nifty above 3000 remained bullish throughout the day and also managed to close above 3100 and will be interesting to see how nifty reacts at higher levels.On global scenario,The Dow fell 73.27 to 8,870.54, after rising by 215 points in early trading due to the news of China's $586 billion plan to boost its economy through a mix of spending, subsidies, looser credit policies and tax cuts. Dow then tumbled by as many as 183.The dollar was mixed against other major currencies, while gold prices rose.A barrel of light sweet crude rose $1.37 to settle at $62.41 on the New York Mercantile Exchange.For today, Nifty above 3185 will face strong resistance at 3240 and unable to cross 3240 will invite selling from high.So, watch out for 3180 first and then 3240 and if breaks 3240, all over buying will come.On downside, nifty has supports at 3100 and 3080.Volatility might come in the last hour today.

Stock watch for the day:

Reliance Capital (701)-Buy reliance capital with stop loss 692 for target 725-740