Market outlook for the day 10th Oct.

US markets yesterday remained very choppy. Dow is down nearly 7% to its lowest level in five years. Stocks took a nosedive after a major credit-rating agency said it might cut its rating on General Motors and Ford, further rattling investors already fretting over the impact of tight credit on the economy.

Technicals are giving signals of bounce back in NIFTY to a certain extent but liquidity crunch is the major factor restricting it.

If we were open yesterday we would have surely gained at lest 300 points on Sensex as most of the Asian markets were higher 3% and more.

We may have a gap down opening depending on how Asia opens.

Key levels to watch out for.
The support for the Sensex is 10740-10000 and the resistance to the up move is at 11966-12255
Nifty: (3514) the support for the Nifty is at 3200 and the resistance to the up move is at 3586-3665-3744

Advisable not to trade.

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