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Market Outlook -
May 28,
2010 |
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The range between the Nifty level of 5000 and
5020 would now be very crucial for if the market
were to maintain above this range there is
likely to be a serious attempt to test 5050 or
even 5080-mark as well by the Nifty. We need to
watch the level of 5000 like a hawk now.
However, I must admit that I have been
positively surprised by this large swing for two
successive days. I was not really expecting the
Nifty to really stay above 4950 anyway.
Nonetheless, does all this feverish activity
over the last two sessions negate everything and
“all is well” again. We seriously doubt such a
thing. On the upside, next level above 5020
would be 5030 only; however, after that 5067 and
5080 are two key levels to watch out for. If the
bulls manage to push it beyond 5109 and stay
there then things would be better once again.
Till such time the Nifty does that all rallies
are just pullbacks.
On the lower level, 4973 – 4965 range for the
Nifty would be the support range to begin with
and below that it would be 4943 and then 4908.
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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