Market Outlook 04/08/08

Market looking good at dips

It was total bullish market on friday and closing was also impressive above 4400-just below crucial resistance at 4440.Now, only concern is of Reliance Industries approaching it's strongest resistance at 2340 and if it doesn't get past that resistance, it may slide down and even nifty below 4440 will face some selling.Oil prices on Friday settled up $1.02 at $125.10 a barrel in New York after Israeli Deputy Prime Minister Shaul Mofaz said Iran was heading toward a major breakthrough in its nuclear program, fanning concerns of a potential confrontation that could disrupt supply from the OPEC nation.The Dow Jones industrial average was down 51.70 points at 11,326.32. The U.S. Federal Reserve is expected to hold off raising rates on Tuesday.For today, if nifty gets past 4440, it will face hirdle only at 4490 and then at 4535.Below 4440, nifty will move towards 4360 first and if gos down still, then 4320 will be tested on downside.Higher level selling will be witnessed today.

Stock watch for the day:

Today's calls only for clients