Market Outlook 17/06/08

Buy at low..sell at high....!

It was an interesting day for the market yesterday as nifty went past 4540 resistance and hit 4618 straight with 4635 big hurdle still not tested..! though closing was well above 4540, it was well below yesterday's high also..! Yesterday crude oil was also trading wild by reaching record of $139.89 a barrel earlier and fell 25 cents to settle at $134.61 a barrel on the New York Mercantile Exchange.Earlier, they dropped as low as $132.84 also..! Dow closed the day with minor gains yesterday.For today, buying at dips and selling at high's is the best strategy and as long as 4635 is not crossed, selling will come from higher levels.Nifty above 4570 will make an attempt towards 4620 first and if moves above that 4635 will be final ressitance tow atch out for and on downside below 4570, it can go to test 4540 support again and if breaks then again 4490 will be very very strong support for today.

Stock watch for the day:

Nalco (486): Watch this stock at higher levels and if doesn't cross 493, just short it for target 475-470.Above 493 it is not a sell.