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Market Outlook -
February 02,
2010 |
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For a change, the global cues this morning are
positive: Asia is trading up 1% or more on an
average and both Australia and Hong Kong are up
around 1.5%; Japan tops the list with 1.77% gain
even China is up by 1.35%.
Our man the SGX February Nifty is trading at
4943 as we write this market outlook. Things are
looking distinctly positive after the Dow posted
a rally by 118 points and the US market staged a
firm recovery.
Initially, the Nifty might face some supply
pressure 4953 and 4981.Once this range is
cleared we can expect the market to move up and
reclaim 5000+ plus levels.
If there is any reaction during the day the
range between 4915 and 4888 would work as a
strong support zone; expect buying to resurface
in this range if the Nifty were to come down to
these levels after any intraday profit booking.
Above 5000, resistance is likely between 5013
and 5024.
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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