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Market Outlook -
February 24,
2010 |
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In the US, a dismal report on consumer
confidence trips up stocks Tuesday, sending the
market to a second straight loss. The Dow falls
by 101 points, the S&P 500 closes at 1095 down
by 13 points. Asia is reeling under the US
overhang: Japan is down nearly 2% and others are
down anywhere between 1% and 2%. The SGX Nifty
is falling fast and as we write this Market
Outlook it is trading at 4809 albeit on low
volumes.
The crucial range for the Nifty today would be
between 4833 and 4824; once this is broken then
we are likely to see the Nifty testing 4790.
Major support would be between 4758 and 4720.
This support zone is likely to hold. Below this
is the support of the 200-day moving averages.
The 200-day EMA is at 4673.
On the upside, unless the Nifty crosses 4891
decisively there would be no sustainable
recovery. The market is, most likely, getting
ready for another round of big decline, and that
could well begin this week notwithstanding the
Union Budget. If some rallies happen exit at
higher levels should be the strategy.
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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