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Market Outlook - January
05,
2010 |
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In all likelihood, we might see a strong opening
above 5250 given the kind of rally we are
witnessing in the Dow as we write this Market
Outlook, it is quite possible that we would also
make a beeline for 5250+ levels.
On the upside, the first resistance is at 5239
then strong resistance would be anywhere between
5279 and 5309. However, unless the index truly
conquers 5300 we should not be any large runaway
kind of a move.
In the unlikely event of the market going down,
first support would be around 5208 while major
support area would be between 5189 and 5175. The
next supports are 5160, 5154 and 5142.
We continue to think that market would maintain
its upward bias in the short-term though 5300 is
a problem.
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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