Market Outlook 30/06/08

Today's closing is important for the market

Market have broken all supports and even though looks bearish, it is oversold and just needs a trigger to zoom on the upper side and is on the verge of producing a bullish upside "breakout" from this trading range.Global cues are not helping the market as crude oil factor is the main cause for all these trouble all over.Crude has closed at $140.54 a barrel and crude imports will cost the United States approximately $700 million per day and DOW also plunged by 107 points on friday to close at 11,346."Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel.When crude starts crashing down, whole world market will enter into a bullish mode again.It is just a matter of time now as we are nearing or almost at the point of getting into long term bullish mode.For today, nifty above 4145 may test 4190 where selling might emerge again heavily.On downside 4110 seems to be good support for today and if breaks that nifty will directly fal to 4060 first support and then straight to 4000 big support. If market opens low, buying will come at lower levels.

Stock watch for the day:

Today's calls only for the clients