Market Outlook 12/08/08

Watch out for 4635 Nifty Spot

It was a very good day of trdaing for the market yesterday as also nifty closed above 4600 and today is an important day for the market.On the global front, After falling nearly $10 a barrel last week, light, sweet crude for September delivery fell another 75 cents to settle at $114.45 a barrel after briefly dropping below $113 a barrel mark, on the New York Mercantile Exchange. It was the lowest close since May 1.The dollar held at around 110 yen. A weak dollar helped boost oil prices earlier this year, because dollar-denominated commodities are often used as hedges against inflation and a falling U.S. currency.The Dow Jones industrials, up more than 130 points in afternoon trading, ended the day up 48.03 at 11,782.35 after crude oil prices pulled off their lows and the Federal Reserve said more banks are tightening lending standards.Europian markets also closed marginally up.For today, if nifty breaks above 4635 only further upmove will be witnessed which may take nifty towards 4670 solid resistance where heavy selling might be witnessed and if nifty fails to cross 4635 or stays below 4635, it will slide down to test 4575 support and break of which will take it to 4535.

Stock watch for the day:

Today's calls only for clients