Market Outlook 11/12/08

Watch out for higher level selling now

Nifty has zoomed past 2900 and ended very positive and for today corrections wil come from higher levels and be cautious in gap up opening if any.On global scenario, The Dow Jones industrial average rose 70.09 to 8,761.42.he dollar was lower against most other major currencies, which helped feed the rally in commodities.Democrats in Congress and the White House finalized an agreement on $14 billion in loans for Detroit's struggling car companies. However, the plan negotiated by the White House is being opposed by a group of conservatives.That fed worries that other financial houses might be facing their own troubles after placing wrong bets in the unforgiving markets in recent months. The concerns rippled through financial services stocks, causing banks including Citigroup Inc. to give up early gains.In indian market today, if nifty gets past 2950, it will face heavy resistance around 2985 and then 3005 where heavy selling will come.On downside, major support is at 2870 and break of that will invite severe selling till 2835-2790.Watch out for action day today.