Market Outloook 07/08/08

Market around support area again

Market wintenessed heavy profit booking in the last hour yesterday and made nifty to come back to 4500 level from high of 4616 level.It seemed like indian market is tired of going up as has been doing for some days and seems like corrections taking place before it starts its upmove gaain.On the global scenario, cues are still positive with Light, sweet crude for September delivery finishing the session down 59 cents at $118.58 a barrel on the New York Mercantile Exchange. It was crude's lowest settlement price since May 2; prices earlier fell as low as $117.11, a $30, or 20 percent, drop from their trading high of $147.27, reached July 11.The Dow Jones industrial average rose 40.30 to 11,656.07, after having been down nearly 100 points early in the session.Reliance might play an important role today as yesterday it again came back from resistance level of 2350 as been told here and was never able to cross that even in gap opening..! For today, 4500 will be major support and remian above that nifty will move towards first resistance point at 4555 and then again 4600 will be tested again.On lower side break below 4500 might make nifty to test support at 4440.Higher levels selling will come again today for sure.Don't go for blind selling if there is a gap down opening.

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