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Market Outlook -
April 16,
2010 |
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The Nifty now looks weak, we hardly anticipated
this kind of a selloff; now, however, we need to
be very vigilant since it has-in one shot-come
down close to the 5250- mark, there could be
some more selling and the index could well come
down to test the major support at 5234. In fact,
the range between 5234 and 5221, is most likely
to provide very good support to the index, if at
all the index decides to test those significant
levels.
On the way up, first, the range between 5305 and
5310 would bring in a lot of obstacles now. Once
the Nifty manages to get past that range it
would test 5322 – 5325 range for there could be
again some supply pressure. Once even that range
is taken out it can make a beeline to move up
quickly to 5337 and 5349.
However, prior to the levels of 5300 or higher,
the level of 5281 is quite a tough one for the
bulls. And only when we climb back above 5356,
we might consider that bulls have acquired true
firepower to take market up again.
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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