Market Outlook 23/06/08

Low opening....Get ready for bottom fishing..!

All bad news are flowing in the market and the new addition is of the governemt falling news as left has already gone on record saying that they will withdraw its support to U.P.A government if the government decides to sign the nuclear deal .overthat, Mayawati has already withdrawn her support to the U.P.A government and there will be last minute adjutments now to save the government at this crucial pont. Dow has also closed deep down -220 on friday and crude oil closed near $135 a barrel on Friday.This expiry week will see more volatility because of all these news.Nifty broke all the supports on friday and all set to go down more now, as it is expected to open gap down-may be around 4200-4150 levels and tomorrow's bottom is very important and bottom fishing may also come tomorrow and if government doesn't fall, nifty might start picking up again towards 4700-4800 taking this bottom as base.For tomorrow, nifty below 5300 will target 5210 and then 4155 is one support on downside to watch out for.

Stock watch for the day:

Polaris (90): Short this stock with stop loss 93 for lower targets 86-84