Market Outlook For 08-08-08

Market Outlook For 08-08-08

NIFTY ANALYSIS : Nifty is traded in a highly volatile manner and after a fight of bulls and bear it managed to close almost 6 point up from it's previous day closing. Now Nifty found some profit booking at level of 4600 and seen some buying interest at around 4470 to 4500 level. so for further up move it should close above 4600 on weekly basis or if fail to do this then it's a more chance to it may consolidate here at between 4470 to 4600 level or it may come down up to 4300 level. Allover market breadth is good. So for the time being down ward risk is limited and use declines to initiate long position. Nifty will be bullish with a weekly close above 4600 so watch this level carefully. For Friday, support exists at 4475 and then at 4420. On upside, resistance exists at 4555 and then at 4585.

Strong Support Exist @ 4420 Level.
Break Below may lead to further Selling Pressure.
But if Holds and Moves above 4420 may
Have a Healthy Rally and Possibly New High
Strong Support @4475 and 4420.
Strong Resistance @ 4555 and 4620

Opening is flat to down,
Stay short below 4540 sl abv 4555, tgt 4475-30.
Sustain abv 4545,Buy with SL below 4530 tgt 4585-4620

NIFTY FUTURE : For a day trading view, it has a support around 4475 and then 4445. At upside above 4545 it go for 4585 to 4620.

BSE SENSEX : Now it has a support at around 14980 level and then 14840, at upside if trade above 15130 then it go for 15270 to 15415.

RELIANCE : It face hurdle at 2282 and then 2305. at downside it sleep up to 2249 and then 2226 level.

SBI : At upside above 1527 it go for 1549 and then at 1575 to 1597. At downside it has a good support at 1501 and if break this then 1479 is a another support.

TATA STEEL : Now if trade above 648 then it go for 660 to 677. At downside it has support around 631 level if break this then slide up to 619 to 602.

L&T : For a day trading view above 2759 it go for 2798 to 2838 level. At downside it has support around 2719 level if break this then slide up to 2680 to 2640.

INFOSYS : It has support around 1714 level if break this then slide up to 1694 and then 1662. At upside Above 1746 it go for 1766 to 1798.

ONGC : Now above 1028 it go for 1045 to 1066 level and then 1083. At downside support at 1007 if break this then slide up to 990 to 969.

REL CAPITAL : It zoom to kiss 1425 level and if trade above it then go for 1468 to 1523 level. At downside support at around 1370 level and if break this then slide up to 1327 to 1272.

REL INFRA : It zoom to kiss 1048 and if cross this then it go for 1073 to 1097 level. at downside support at 998 and then 975.

BHEL : It found some support around 1741 level and if break this too then it go for 17711 to 1667 level. At upside it face hurdle at 1815 and then 1859.

DLF : It zoom to kiss 568 level and if cross this too then go for 579 to 596 level. At downside it has support at 551 if break this then slide up to 540 to 523

Sell ASIANPAINT Below @ 1240 Target 1210-1180-1165.

Sell BAJAJAUTO Below @ 410 Target 380-350-335.

Sell BOB Below @ 285 Target 275-265-255.

Sell BPCL Below @ 325 Target 315-305-295.

Sell COLGATE Below @ 430 Target 410-390-380.

Sell HLL Below @ 245 Target 235-225 to 220.

Sell MASTEK Below @ 350 Target 335-325-316.

Sell PNB Below @ 500 Target 480-460-450.

Sell SBIN Below @ 1520 Target 1470-1415 to 1390.

Sell TCS Below @ 850 Target 825-795-780.

Sell AIR DECCAN Keep Stop Loss of 92.Target 78 and 64.

Sell Vijaya Bank Fut & Keep Stop Loss of 41,Target 34

(Lot Size 3450)

Buy VSNL Above @ 465 Target 475-485-518.

Buy STER Above @ 620 Target 635-650-695.

Buy SATYAM Above @ 420 Target 425-430-444.

Buy MARUTI Above @ 675 Target 690-705-735.