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Market Outlook - January
06,
2010 |
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The Nifty is likely to open close to 5305 but
the point is whether such an opening would
really be sustained or not. In our view, it is
fairly unlikely that such high levels would be
sustained.
This optimism is on the back of the late
recovery in the United States where Dow bounced
back from 10523 to finish 12 points down at
10572. The Nasdaq ended flat at 2309 and the S&P
500 closed at 1137 up by 4 points.
This morning Asia is trading between 0.1%
(Malaysia) and 0.6% (South Korea). The SGX
January Nifty is trading at 5303 up by 26
points.
Major resistance for the Nifty is at 5305 unless
this is decisively crossed it is unlikely to
make further strides on the upside. Even if it
were to move up within the next 10 points at
5314 there is one more resistance to overcome.
The path from 5300 to 5350 is full of supply
points.
On the downside, support exists between 5275 and
5259 and then at 5237 - 5224. However, only a
fall below 5200 at the close would make it
difficult for another bounce back attempt by the
bulls.
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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