Market Outlook - 4 Oct, 2011:: Angel Broking,

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Dealer’s Diary
The market skidded to one-week low in early trade on weak Asian shares.
Weakness continued in morning trade. The market trimmed losses in
mid-morning trade. Intraday recovery witnessed in mid-morning trade
short-lived as key benchmark indices hit fresh one-week lows in early afternoon
trade. Key benchmark indices once again came off lows in afternoon trade.
The market traded off one-week low in mid-afternoon trade. The Sensex and
Nifty closed lower by 1.8%, and 1.9%, respectively. The mid-cap and small-cap
indices lost 1.9% and 1.5%, respectively. Among the front runners, Coal India,
ONGC, Hero MotoCorp, Mahindra & Mahindra and Bharti Airtel gained 0-1%,
while DLF, Jindal Steel, Hindalco Inds, Tata Steel and Sterlite Inds lost 4-8%.
Among mid caps, Kansai Nerolac, Educomp Sol, Glaxosmithkl Cons, Rallis
India and Zuari Inds gained 2-4%, while Sintex Inds, Shipping Corp, Anant Raj
Inds, Dewan Housing and JSL lost 6-12%.

Markets Today
The trend deciding level for the day is 16,155/4,851 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 16,253–16,354/4,878–4,906 levels. However, if NIFTY
trades below 16,155/4,851 levels for the first half-an-hour of trade then it may
correct up to 16,053–15,955/4,823–4,796 levels.