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Thursday, January 7, 2010

Market Outlook for 7th Jan

Hi ..

As expected the market today showed a choppy session with profit booking. Yesterday only i mentioned it is time to book full or partial profit depending upon your risk capability. Market is taking a breather here. So better be light or with no positions.

Today market crossed the resistance level of yesterday 5280 that is good sign but i will maintain my call to remain cautious and carry less position for risky traders. Risky trader can go long after 5310 is broken . Even shorts can be taken with a stoploss of 5310 but this is for all traders who can take this risk . As global cues are also nearly flat so tomorrow we can expect some flat session or choppy session. As there is reversal pattern show on the chart but that is still need to be confirmed by tomorrow session. So better be cautions and look for tomorrows trades.

If anyone has done profit booking on my advice today then he might got the Nifty again at lower level today.


Most of the analyst are bullish like yesterday :-
1:55 PM - In an F&O call, buy Nifty January futures with a target of 5400-5450 and stop loss of 5240, says Nitin Murarka, technical analyst, on CNBC Awaaz. As long as Nifty is above 5200 the uptrend is intact, he feels.

1:51 PM - In an F&O call, buy Nifty January futures with a target of 5400-5425 and stop loss of 5200, says Nitesh Chand, technical analyst, on CNBC Awaaz. 

1:48 PM - In an F&O call, buy Nifty January futures with a target of 5365 and stop loss of 5240, says Parsh Zaveri, technical analyst, on CNBC Awaaz.

1:43 PM - In an F&O call, buy Nifty January futures with a target of 5400-5450 and stop loss of 5250, says Somil Mehta, technical analyst, on CNBC Awaaz.
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The information provided is not to be considered as a recommendation to buy certain stocks and is provided solely as an information resource to help traders make their own decisions. Past performance is no guarantee of future success. It is important to note that no system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. Here in this blog I am giving my views on the Market. No representation or implication is being made that using my blog will provide information that guarantees profits or ensures freedom from losses.