Market Outlook 24/06/08

Yesterday's bottom holds the key for today....

Market bounced from 4225 yesterday and zoomed around 100 points and in the closing hours started sliding again to close around 4250 and for today, yesterday's low holds the key again and maybe 5-10 points below yesterday's low is also fine and below that nifty will try for 4150 support and if nifty moves above 4275, it will again move towards 4340 resistance where selling is expected today also and this volatility is expected to continue for the whole of this week.Disappointment that Saudi Arabia is not boosting production by more than 200,000 barrels a day sent oil prices higher, fanning concerns about inflation. Light, sweet crude rose $1.38 to settle at $136.74 per barrel on the New York Mercantile Exchange.Dow closed flat yesterday and Tomorrow's federal meeting and also indian political scenario on government survival will bring in more volatility to the market.So, intraday players are adviced to book profits whenever it comes.

Stock watch for the day:

Renuka Sugars (103): Short this at higher levels with stop loss 108.2 for lower target 100-96.Above 108, dont be on selling side as it is a very volatile stock.