Market Outlook 15/07/08

Political uncertainty creating pressure in the market

Yesterday was a volatile day and still maintained 4000 support and Due to political uncertainty, any upmove is exerting pressure and still downside supports are protected..! The Dow Jones industrial average fell 45.35 to 11,055.19 after spiking nearly 140 points in early trading.Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange.Light, sweet crude settled up 10 cents at $145.18 a barrel on the New York Mercantile Exchange.Monday's oil price swings came as President Bush lifted an executive ban on offshore oil drilling.The dollar was mixed against other major currencies, while gold prices jumped.For today, nifty above 4060 will test strong resistance at 4120 and if crosses might zoom towards 4180-4200 also and if fails to break 4120, will come down again towards 4040.On downside, nifty has great support at 4000-3990 and break will create panic and slide towards 3935 is possible.On weak opening, don't go for blind selling as buying may come from lower levels.

Stock watch for the day:

SUZLON (195): Buy this stock at lower levels with stop loss 188 for target 207