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Market Outlook - January
12,
2010 |
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Bulls continue to be undecided and market is
still groping in the dark in a directionless
manner. Some large cap stocks have started
showing some degree of traction while technology
is still wobbly courtesy the weakening the
dollar.
Asia is quite weak this morning with all of the
major equity markets are down in the red. The
SGX Jan Nifty is trading at 5252.
Today, we need to watch for the same levels. As
we noted earlier, even if it manages to clear
5305 – 5314 range it would once again meet with
considerable hurdle between 5346 and 5350. The
level that is going to create maximum problem
for the index is located at 5388. This won’t be
crossed at one go and may take considerable time
to clear it even if an intraday breach happens
if at all.
On the downside, however, once the Nifty falls
below 5230 it raises the possibility of a retest
of 5184 or lower levels. The range between 5184
and 5155 would again act as a good support area.
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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