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Market Outlook -
April 20,
2010 |
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We might see a recovery this morning given the
strongly positive international cues emanating
from Asia on the back of the Dow closing 73
points with a brilliant recovery in the
afternoon session on Wall Street. The SGX April
Nifty , however, is rather tepid at 5206 while
all other Asian markets are up anywhere between
0.20% and 0.72% as we write this Market Outlook.
Today, we need to see if the Nifty manages to
get past first 5218 – 5236 range and after that
5282 watermark. Once the significant supply zone
of 5282 – 5306 Nifty levels is crossed firmly
the bulls would be fully in control of the
situation once again. In any case, staying above
5236 would mean that bears would have lost the
momentum they gathered early last week post
Infosys result. If the Nifty were to close above
5236 then it would not be advisable to keep a
short position going.
On the downside, below Nifty 5200, the same zone
between 5187 and 5169 would act as a support
zone and the 5146 would be a very strong
support. In any case, it is rather too early to
write the obituary of the current intermediate
uptrend until the level of 5070 is decisively
broken. Till such time it is just a corrective
swing within the intermediate uptrend.
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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