Sep 23,2008
--------------

NIFTY closes at 4223.05. Sensex closes at 13994.96.

World market trend is weak due to persistence of doubt over the bailout package and soaring oil prices. Dollar has taken a huge hit and it might depreciate further due to fiscal weakening of US economy, as a result of bail out package. This would help the commodity prices zooming up. Inflationary pressures may emerge again.

If there is a positive momentum markets might test 4350 level. But world market cues don't support it. If Consistent negativity prevails for few more days, NIFTY could even test a new low below 3790.

4183 - immediate support. Immediate resistance - 4320.