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Market Outlook

Thursday, October 8, 2009 Leave a comment Go to comments

NIFTY has been crawling up in a perfect manner. Every higher level is inviting profit booking and fresh shorts. This implies that the game is still balanced and there is no one-way opinion in the market.

Telecom has dented a major blow to the NIFTY and has been a major cause of slide of the indices. Also profit booking has been witnessed in banking counters like SBI. reliance has been a laggard and is failing to cross the 2200-2230 levels which are acting as major challenge. With the 1:1 bonus news, some action is anticipated in the counter.

IT sector is also witnessing some profit booking because of stronger rupee.

Overall, the picture on large caps is mixed. So the market might just consolidate for next  few days. At the same time, if FII liquidity remains strong as it has been, I won’t be surprised to see some upward bias even in the short term.

Sugar as a sector is back in action and one might see some explosive moves in this sector. Reliance Inds might finally show some moves on the back on bonus news. This might be a good sentiment booster (atleast thats what management hopes for).

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Categories: NIFTY Strategy
  1. ano
    Thursday, October 8, 2009 at 6:16 pm

    i have around 1700 idea shares at 74 rate,what can i do,please advice me,will this go up or can i face huge lose

    • Thursday, October 8, 2009 at 8:34 pm

      Exit on every bounce you get.

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