Market Outlook 19/06/08

Another round of selling to come now....

Market witnessed heavy selling yesterday and closed in red and selling expected to continue today also from higher levels.The Dow fell 131.24, to 12,029.06.The Dow Jones industrial average finished down more than 130 points, after briefly dipping below the 12,000 mark for the first time since mid-March. Light, sweet crude rose $2.67 to $136.68 a barrel on the New York Mercantile Exchange after the Energy Department said the nation's crude oil stockpiles fell less than expected last week but that gasoline supplies declined.The dollar was mixed against other major currencies, while gold prices rose.For today, nifty will face resistance on upper side at 4635 and if nifty remains below 4635 it will first make an attempt to break 4540 and if succeeds then strong support on downside is at 4490.

Stock watch for the day:

IFCI (55): Watch this stock at higher levels and if not able to cross 57, just short it for target 53-51