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NIFTY and SENSEX-Today’s outlook

Wednesday, August 8, 2007 Leave a comment Go to comments

Yesterday was again a volatile day with both NIFTY and Sensex giving up their gains. It seems like people are getting out of longs at higher levels and short term traders are going short on rise. On NIFTY 4400-4450 is the range to watch on the upside. On the downside 4250-4320 are the levels.

If NIFTY consolidates at these levels then 4320 might be taken as intermediate bottom. I’d still say the market is on the “edge” with a downward bias. The best way for a trader to position himself might be to go long in some stocks and short in other stocks. Directional bets can be little risky.As far as investors are concerned,they can have their buy list ready and can start accumulating stocks which are in a long term uptrend. Use any bounce to get out of weak stocks.

I feel next week might be more crucial as markets might make a decisive move either on the upside or downside.

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