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Market Outlook -
May 24,
2010 |
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It is expected that our market will also rally
today, given the positive bias in the movement
of Wall Street on last Friday night. The Dow
advanced by 125 points, the Nasdaq by 25 points
and the S&P 500 went up by 16 points to close at
1088.
The technical chart positions of most of the
pivotal stocks also tend to suggest that there
could be a technical bounce today before the
fall resumes or a fresh intermediate uptrend
begins.
On the higher side, if the Nifty were to stay
above 4950 then there are two key levels to look
forward today: they are 4974 and 4989. Above
5000, the nifty would face problems around 5015,
5024 and 5055. In any case, as of now, it does
not look like the Nifty would be able to clear
5102 – 5142 range in this nascent upswing, if I
may use that.
We continue to suggest to sell on rallies for
your delivery based stocks for we expect the
market to see substantial correction before it
recovers to clear the 5300 – 5400 range.
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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