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Market Outlook -
April 19,
2010 |
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Market is likely to show a major reaction this
morning given the strongly negative
international cues coming from the Wall Street
over the weekend and this morning in Asia.
The SGX April Nifty in Singapore is trading at
5185 as we write this Market Outlook. Most of
the equity markets in Asia are down anywhere
between 1% and 1.5%; Japan, however, is
weaker—it is down by 1.71% while Malaysia is
relatively less affected, it is down by 0.65%.
Today, once the level of 5220 is decisively
taken out on the downside then we have to watch
5180 for the next support. The range between
5185 and 5169 would be a very strong support
area; if this gets broken decisively the market
may head further down from here. However, this
is such a strong support area that probably a
pullback rally to 5220 would happen first before
this support range between 5185 and 5169 is
broken.
On any recovery, if 5220 is not crossed
successfully selling is likely to resurface. The
subsequent test of 5180 – 5169 range would
matter a great deal since if on the second
attempt it is broken probably we would see 5100
– 5080 range being tested shortly.
On the upside, unless the 5315 is crossed again,
we should not be expecting any sustainable
recovery in the market.
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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