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Market Outlook - 03 September 2010 |
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As anticipated, the level of 5514 worked quite
well by marking the day’s high for the Nifty.
Now, we are in the midst of a pitched battle.
Either the bulls will take out the range between
5514 and 5522 during the day else the bears push
it down once again to below 5470 to something
like 5452 for a minimum.
It is quite clear that above 5500 Nifty levels,
supply pressure would mount and the index may
take some time before this supply overhang is
taken care of.
As we write this Market Outlook in the wee hours
of Friday, the Dow is up by 19 points and the
NASDAQ by 15 points. Chances are, we would see
at least another rally this morning again.
However, what we need to see is whether the
index manages to get past 5514 – 5522 in today’s
trading.
Bears still have a 50-50 chance to really stage
a mounting attack on the stocks. In any case,
till such 5350 is decidedly broken. On the
upside, the range between 5540 and 5600 would be
a strong supply zone.
Rajat K. Bose |
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| Notes: |
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All prices relate to the NSE, unless otherwise mentioned. |
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Stop-loss levels are given so that there is a level below/above, which the market will tell us that the call has gone wrong. Stop-loss is an essential risk control mechanism; it should always be there. |
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Book, at least, part profits when the prices reach their targets; if you continue to hold on to positions then use trailing stops to lock in your profits. |
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Don't chase a stock, if you are unable to buy a stock because it hits circuit levels on successive days, don't buy that. |
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The analyst and his clients may or may not have positions in the securities mentioned above. |
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Trading involves considerable risk. Trade at your own risk to the extent you are comfortable. The analyst shall not be responsible for any losses incurred for acting on these
recommendations. |
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Rajat K Bose
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