4740 WILL BE STRONG SUPPORT ON DOWNSIDE AND IF NOT BROKEN, WE MAY BE IN FOR 800-1000 POINTS UPMOVE ...........
Every raise is exerting pressure in the market and nifty has also closed well below the strong support which it had before 4740-which will act as resistance now onwards.On friday, indian market crashed due to higher inflation and expected hike in CRR.For today, nifty above 4650 will face first strong resistance around 4700 and if crosses 4700, then 4740 will be very strong resistance as said and higher level selling will come heavily again.Below 4600 nifty might slide down to test 4565 support.
Stock watch for the day:
TISCO (661): Short this stock at higher levels with stop loss at 685 for lower target 650-645
Monday, April 7, 2008
Market Outlook 07/04/08
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