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Market Outlook - January
07,
2010 |
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The Nifty is currently at a critical level: it
is not being able to clear the resistance at
5300 while the support between 5270 and 5250
seems to be working pretty well. The supply
pressure around 5300-level would be quite high
and may not easily give in to bullish overture.
On the other hand, there is a likelihood of the
Nifty coming down close to 5200 to gather more
steam to clear this 5300 resistance.
The movement of the Nifty in the last few
trading sessions does not inspire much
confidence to think that we are headed
immediately for a rise beyond the 5300 in any
decisive way. On the way down, below 5250,
support exists at 5242, 5232 and then between
5221 and 5214.
While chances are not that bright that it will
sustain above 5305 – 5311 range it would face
strong supply pressure between 5340 and 5347.
Again, the range between 5389 and 5410 would be
another strong supply zone.
Our understanding is that instead of going up in
a sustained manner from here the Nifty might
post a top shortly and then retrace back to
below 5200 level for a minimum and then decide
its future course of movements.
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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