Market Outlook 13/08/08

Nifty may well test 4500 now

Market witnessed a sharp sell off yesterday from highs and made a low of 4526 and chances of testing 4500 might be there today itself.On global front,The Dow fell 139.88 to 11,642.47 as downbeat news from JPMorgan Chase & Co. and other financial companies lifted the market's anxiety about the continuing impact of the credit crisis on the economy.The nation's second-largest bank JPMorgan by assets said in a regulatory filing it lost $1.5 billion, after hedges, in its mortgage-backed securities and loans this quarter, compared to $1.1 billion in the second three months of 2008. and Light, sweet crude settled down $1.44 at $113.01 a barrel on the New York Mercantile Exchange.The dollar was higher against most other major currencies, while gold prices fell.For today, nifty will face tough resistance around 4580 where selling might creep in again and on downside, below 4530 it may go to test 4500 strong support and if breaks that, then 4470 will remain the strongest support for today.So, watch out for 4530 and 4580 today.

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