Market Outlook 27/05/08

Market is slowly breaking down and yesterday nifty as told did take support at 4860 and moved above 4900 also, but last hour selling bought it down and nifty had to close around that support and for today, break of 4860 will take to 4840 and then 4790 is the strong support on downside.Above 4860, nifty will again try for 4900 first and then 4920 where heavy selling might emerge again.Due to expiry, be carefull in short positions as market may rebounce any time.Till expiry, market movements will be on operators hand now.Interestingly, trading volumes are also low compared to previous trading session and looks like they are definitely setting up things for big expiry

Stock watch for the day:

Tisco (874): Watch this stock at higher levels and if not able to cross 885, short it for target 860-845.