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Market Outlook -
May 03,
2010 |
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It is once again anticipated that the Nifty
would sustain above 5262; unless the Nifty falls
below this level and stays there we would not
see bulls losing the initiative. Two crucial
levels to stay focused for the day: 5362 and
5209. Any fall below 5209 the index would turn
quite weak.
International cues had been pretty much positive
with the Greek government accepting a fresh
EU-IMF bailout with lot of stiff
conditionalities. Nifty Vix is still just above
20 and is not showing any major swing on either
direction.
On the way up, 5272 is a significant resistance
but the key supply zone would remain between
5280 and 5308. Above that 5330, 5344 and 5387
are resistance levels that can upset the
applecart for the bulls.
Overall, the volatility would continue to dog
the market.
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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