Market Outlook 22/07/08

Big day of No-Confidence motion today

Though market was trading with low volume with lots of uncertainity yesterday because of today's No-Confidence motion, it picked up in the afternoon session to make a high of 4168 and today it's a big day for the market as the fate of the government survival will be decided today and the indications are very bright for government getting through this motion smoothly. Light, sweet crude rose $2.16 to settle at $131.04 a barrel on the New York Mercantile Exchange.The Dow Jones industrial average fell 29.23 to 11,467.34 after moving in and out of positive territory.The dollar was mixed against other major currencies, while gold prices rose. For today, Nifty will face first resistance at 4220 on upper side and selling is expected there and if breaks 4220 then there is one more big resistance at 4265 which is difficult to cross.On downside, unless there comes any negative news, there doesn't seem to be more on downside.There might be gap up opening today and lots of volatility in the market.

Stock watch for the day:

Today no calls