Market Outlook 11/08/08

Global cues to boost indian market today

Indian market will take the positive cues from global market and expected to open high above 4540 today as The Dow Jones industrial average rose 302.89 points to 11,734.32 and Crude prices declined 7.9% for the week at Friday's settlement to $115.20 per barrel. They are now down 22% from the high they hit July.Europian markets have also ended positive.For today, the most important level for nifty is 4640 and if it doesn't break above this level, then selling will come at higher levels again and if breaks above 4640 buying will be more severe and nifty can even go to 4700 and on downside, very good supports will be at 4540 and 4460.Strange thing in indian market is still FII's are not coming in full numbers for buying.This week trading is very interesting as to see where this bull move will end.


Stock watch for the day:

Adlabs (559): Buy this stock with stop loss 550 for target 575-580