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Market Outlook -
February 16,
2010 |
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Read it the way you like: if you choose to
interpret yesterday’s price activity as bearish
you can do so given the F&O cues especially
fresh options open interest data that seem to
suggest exactly the opposite of what happened on
Thursday. However, all this happened when the
volumes were quite poor as the turnover data of
Rs 73000 crores tend to suggest.
On the other hand, a close above 4800 for the
Nifty implies a loss of direction by the market
again. Scales would be tilted again if the index
manages to get past 4825 – 4845 range. However,
if the index fails to climb above 4810 today and
moves lower it would once again move down and
test the major support range for the day between
4757 and 4737. A fall below 4737 would mean
bears gaining back the initiative in full swing.
A sustained move below 4737 would prompt the
index to test the final support area between
4685 and 4660, the area where the two 200-day
moving averages are located.
Today, first the range between 4825 and 4845 and
then the major supply zonce between 4888 and
4915 would be the two crucial area to watch out
for on the upside.
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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