Market Outlook 06/08/08

Gap up opening expected today

It was a huge day for indian market as nifty witnessed huge buying from lower levels and closed well above 4500 and on global scenario, DOW jones gained huge 331.62 points closing at 11,615.77 after the Federal Reserve left interest rates unchanged as expected and told here and rduced some of the market's fears about the economy.he oil market also helped soothe some of Wall Street's worries. crude fell as low as $118 a barrel before settling at $119.17, down $2.24 on the New York Mercantile Exchange.With all global cues positive, indian markets may open with huge gap up today and maybe previous resistance of 4540 will be crossed in the opening bell itself and here interesting point is of Reliance Industries-which may again test its strong resistance of 2350 once gets past 2280 mark and if it breaks 2350, it's a huge plus point for indian market as well.For today, nifty above 4540 may well test 5600 first and then crucial resistance at 5650 will be tested and crossover straight 5700.On downside, below 4500 strong support is at 4440.Overall huge day for indian market today and those who have baught BTST may well enjoy gap up in those stocks.

Stock watch for the day:

India Info (739): Buy this at dips with stop loss 720 for target 765-780