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Market Outlook -
February 25,
2010 |
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Today is the day of February F&O expiry and also
the day when the Economic Survey would be
released by the Union Government. Tomorrow is
the day of the all important Union Budget. The
Railway Budget was mostly a non-event except
that those companies that were expecting to be
affected by a rise in freight rates heaved a
sigh of relief since the Railway Minister chose
not to hike it anyway.
Our market remained flat; however, the US
markets closed nearly one percent up and this
morning Asia is a mixed bag with Hong Kong and
China are about 0.7% up while some Asian peers
are marginally down.
The SGX Feb Nifty is at 4885 and the March Nifty
is at 4872.50 as we write this Market Outlook.
There are no major indications that barring
short covering coming in a big way the Nifty
would not attempt another shot at above 4913
range; even if it does it would be rather tough
for the index to really clear 4930 - 4950 range.
However, first it needs to clear 4891
successfully before those levels since during
the last two trading sessions even that level
proved a bit too much for the bulls.
On the downside, there is enough support between
4843 and 4824; unless this zone is decisively
broken on the downside 4800 put option sellers
need not worry much.
While there may be intraday volatility between
4891 - 4915 on the higher side and 4843 - 4824
on the lower side we don't expect any major
breakdown or breakout prior to the Union Budget
announcement.
We should not be carrying large speculative
positions either way before this major
announcement.
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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