Friday, November 7, 2008

Market Outlook 07/11/08


Market in the edge again..!!


It was a very dangerous and huge volatile day yesterday as nifty also tested its support 2850 and still closed around that support.Manipulation was at high level yesterday and was there to see for evryone.On global market, The Dow Jones industrial average crashed huge by falling 443.48 to close at 8,695.79 due to investors concern on economic weakness.Major indexes have lost about 10 percent since Barack Obama was elected president - a vote preceded by a steep rally - and the losses represent the Dow's worst two-day percentage decline since the October 1987 crash.he dollar traded mixed against most other major currencies, while gold prices fell.Light, sweet crude fell $4.53 to settle at $60.77 a barrel on the New York Mercantile Exchange.The world's largest maker of computer networking gear Cisco Systems Inc orders declined sharply last month, suggesting to the market that the weak economy and tight credit markets are taking a larger-than-expected toll on many companies around the world. Cisco fell 45 cents, or 2.6 percent, to $16.94.In indian market today, if nifty gets past 2900, again it will test 2950 and then 3000 and downside, 2850 is major support for the day and breakdown may result in nifty falling towards 2785 and then 2740 straight.One can expect one more volatile day.

Stock watch for the day:

Today's calls only for clients

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