Market Outlook 01/04/08

After all the drama yesterday, nifty may again move above 4740 resistance and will try to hit 4800 on the upper side, where it will face first resistance and selling might also come there and if nifty able to cross this resistance it might try for 4850 very very strong resistance area where selling might come heavily.For today, stay long if nifty stays above 4740 and short if falls below 4740.Again an interesting day ahead and today's closing will be very important.It will be better for the market if nifty slides and test 4500-4600 level again in coming day's before making a big upmove.

Stock watch for the day:

PFC (162):Short this stock at high with stop loss at 173 for targets 161-156.