Market Outlook 10/06/08

Time to pick up quality stocks..!

Atlast nifty broke 4440 strong support and it seemed like operators broke that support purposely to make a new low support and will be interesting to see today's moves now.For today, if nifty moves above 4545, it will test 4590 first and then testing of 4635 final strong support is on.But higher level will exert pressure for sure and more interesting part is to see the extent of pull back rally.Nifty remain below 4525 sentiments will remain weak and on downside 4575 will act as support and break below 4440 will be another big support to watch.Time for buying quality stocks at dips now and lots of money are waiting on the sidelines to be dumped in the stock market and there may be another big upmove shortly.Moreover Oil prices closed Monday at $134.35 a barrel, down from last week's high of $139.12 a barrel and if slides further will be good for the market.

Stock watch for the day:

RPL (171)-Short this with stop loss 181 for target 168-164.If moves above 182, dont short.

Market Outlook 30/05/08

After managing to trade above 4900 for most part of the day, nifty just crashed in the last hour as there were FIIs selling heavily and nifty then touched 4800 and then moved up again and for today nifty has hurdle around 4900 and if breaks this it may try for 4930 and then 4960 testing will be on again.As long as nifty is holding its support at 4790, there is no much panic in the market for sure.But higher levels will exert pressure again.Inflation figures may set the trend today.As told, Nifty has final support at 4790 on downside and if breaks below that straight support at 4740-4700 only.

Stock watch for the day:

Satyam (524): Buy this with stop loss 519 for target 534-545.If slides below 519, it is not a buy.