Dear Sir.
Please find attached herewith Nifty out look for 23 November
09.
Thanking you.
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MARKET OUT LOOK FOR 23 NOVEMBER 2009.
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NIFTY(5052)-
Losses in the world market and prevailing bearish mood pushed the
indicator down in the opening hour. We had suggested on this page on
Thursday that Nifty will fall first to 4960 and then to 4940
(it went further to 4933) before making any recovery. The recovery
we anticipated will be slow
and
gradual, but news flows i.e. of Government
not having any thought to "tax capital inflows" and consolidation of PSU
banks, spurred the market. The positive development coupled with squaring
of short positions which were generated in last two session set the index soaring.
Today the momentum is likely continue at least in the opening hour and may take
the bench mark to 5078,then it will test the crucial level of 5084. Overtaking of 5084
Nifty can move to 5100 and 5140.Market had a better breadth and volume vis-à-vis
19 November. On the down side 5016 and 5000 will act as support. If market continue
to generate better volume and close above 5040 for couple of days, then our apprehension
of "negative bias" has to be ignored but volatility may stay. Any way Monday opening
looks green unless it opens and trades below 5016 due to external factors.
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