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Market Outlook -
April 29,
2010 |
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We are expecting a recovery in the market today.
The US FED continues with its easy money policy
and subsequent to that Asian markets are showing
some signs of recovery as well. The SGX April
and May Nifty contracts also marginal recovery
from yesterday’s close as we write this Market
Outlook this morning.
However, whether this recovery will sustain or
it will fail and the market sinks in again would
be understood by the Nifty movements today. If
the index were to get past and stay above 5252
the bulls have a fighting chance to pull it
through. It would be a much more positive
scenario when they are able to push the index
beyond 5268 – 5284 range.
On the downside, crucial support would continue
to be at or around 5211. Below this the levels
of 5204, 5193, 5180 and 5169 are the support
levels to watch out for before a test of 5150.
Any decisive fall below 5150 would mean a test
of the 89-day EMA at 5115.
Bears would start the session with a strong
advantage for sure after the almost backbreaking
fall they could unleash on the market yet above
5252 the Bulls would keeps some hopes alive for
a recovery.
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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