Market Outlook 12/12/08

Market looks tired and on the verge of breaking

Due to system failure, calls were not given to clients yesterday..i regret..

It was a very small movement day for nifty for most part of the day yesterday with bias being negative and only Reliance at the end pulled the market up at close.On global scenario,
The Dow Jones industrial average fell 196.33 to 8,565.09 as.investors grew fearful that a bill to rescue the companies wouldn't make it through the Senate.The heads of the three automakers said that even one of the companies going into bankruptcy would slam an already battered economy with thousands of job losses.The dollar was mostly lower against most other major currencies, while gold rose. Light, sweet crude jumped $4.46 to settle at $47.98 a barrel on the New York Mercantile Exchange.Bank of America Corp. said Thursday it expects to cut 30,000 to 35,000 jobs over the next three years, as it faces a deteriorating economic environment and tries to absorb Merrill Lynch & Co.The company and Merrill have about 308,000 employees in total, and the cuts will affect workers from both companies and all types of businesses.In indian market today, nifty will face tough resistance at 2950 and then 2985 where heavy selling is expected again.Downside, nifty spot is having strong support at 2870 and if nifty stays below 2870 with volume for sometime, it will crash to 2850 and then 2800 today.Today's opening and closing is very important.