MARKET OUTLOOK 5th Dec. 2008

MARKET OUTLOOK TODAY

Global markets present a mixed picture on varying cues.
American markets have fell in anticipation of a weak job
report. On the other hand Asian markets have rose on weak
crude oil prices that will reduce energy costs. Crude oil is set
for its biggest weekly decline since March 2003, trading near
an almost four- year low, as the economic contraction and job
losses in the U.S. cause a slump in fuel demand. Crude oil is
currently trading at around a $43 a barrel. Indian markets are
likely to open in a narrow range.
Today the Critical level for upside is 2810 and if the index
sustains above this level, bullish sentiment can be extend
towards the major Resistance at 2860.The first support for the
day is at 2760 and the downside major support is at 2710.


Global Market Scenario:

Stocks tumbled as a rash of job cuts at major companies added to
jitters ahead of the November jobs report. The Dow Jones industrial
average ended down 215 points. The Standard & Poor's 500 index fell
2.9% and the NASDAQ composite retreated 3.1%.
Crude oil is at $43.66 a barrel and Gold is at $769 an ounce.
European shares ended lower on Thursday as a slew of grim economic
and company news flagged tough times ahead after steep rate cuts by
the European Central Bank, the Bank of England and Sweden's
Riksbank. Across Europe, the FTSE 100 index was 0.2 percent lower,
Germany's DAX fell 0.07 percent and France's CAC 40 was 0.2
percent lower.
Asian stocks rose as speculation slumping oil prices will reduce
energy costs and spur consumer spending countered a retreat by
mining companies and energy producers. Japan’s Nikkei 225 is up by
0.58% and Hong Kong’s Hang Seng rose 2.29% in the morning trade.
Data about unemployment rate is expected from US today.