Sep 15,2008
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NIFTY closes at 4228.45. Sensex closes at 14000.81.

Below 4200, 4159 may be a recognised support. We mentioned a medium term target around 4170 for NIFTY. It might be tested on bearishness.

4133.70 is the next support levels. Lehman Bros. likely to file bankruptcy. It is not a good news. But crude oil below $100 looks nice.

OPEC President Chakib Khelil, called on members to stop producing more than the group's quota - 28.8 million barrels limit - after prices plummeted to (around) $100 per barrel. Current production level is 520,000 barrels.

Stay cautious on the crude front. Don't be too much euphoric on the fall of crude prices.