WEEKLY OUTLOOK 27OCT TO 31OCT 2008

S&P CNX NIFTY (BSE SENSEX)

3254(10750): Near term outlook turns positive only on a close above here. But moving upto here would be a herculean task for the markets and therefore, looks unlikely soon.

2972(9900): Markets would be under pressure to make new lows again if fails to move above here. Go short if fails this resistance.

2584(8701): Current levels.

Supports: There are immediate supports at 2525(8565) and 2300(7650) area. But the long term investing may start in bellwether stocks on a decline below current levels.

Where the markets would stop below the current levels is still a matter of debate. But it is likely that it should hold long term supports somewhere between 1900 and 2100(6000 and 7000) in a worst case scenario.