Market Outlook 01/08/08

Markets are range bound....!

market was very range bound in the expiry day and was waiting for inflation figures to be announced in the evening and The annual rate of inflation for the week ended July 19 once again rose marginally to settle at 11.98 per cent as against 11.89 per cent for the previous week.The Dow Jones industrial average fell 205.67, or 1.78 percent, to 11,378.02, continuing its string of erratic, triple-digit daily swings after weak readings on economic growth and the job market touched off renewed concerns about the financial health of businesses and consumers.Light, sweet crude fell $2.69 to settle at $124.08 a barrel on the New York Mercantile Exchange after rising more than $4.50 on Wednesday. Oil has fallen more than $20 since hitting a high above $147 on July 11, raising hopes that inflation pressures could ease.It will be interesting to see today's opening and if nifty not able to cross 4350 resistance like yesterday, it may test 4280 very strongly an dbreak of that will go to 4260 first and then 4240.On upper side, above 4360 there is one more resistance at 4365 and then straight to 4400.Higher level selling will come for sure.There might be gap down opening also.Overall interesting day today.

Stock watch for the day:

Today's calls only for clients