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Market Outlook - January
13,
2010 |
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Today, we expect the downswing to continue.
Support exists between 5180 and 5150; however,
if that gets broken bears will tighten their
grip and push the index even lower. In that
case, a probable test of 5130 - 5104 range may
happen. Beyond that we might see a possible test
of 5070 as well.
On the upside, unless the Nifty clears 5254
again there is every likelihood that selling
will come back in a big way. In any case, even
if it were to move beyond 5254 till such 5305 is
decisively cleared no upswing would be sustained
since that is the Chinese Wall bulls would have
to get past.
International market might continue showing
weakness on China tightening its monetary policy
and the US weakness.
Technology stocks may continue in their pullback
rally but the rest of the market could become
wobbly again.
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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