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past short term calls follow-up/performance***(stocks to watch)

date,stock,reco price,high,% gain at high

***all analysis are based on self chart study only, actual trading gains may vary.

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    Thursday, May 20, 2010

    mkt ahead...20th may 2010...

    the global mkts continue to be in turmoil.

    10800 was a crucial breakdown lvl on the dow jones. current dow jones movement is only a continuation of the pullback from its deep lows of 9800 lvls.

    it is restricted within two down candles. broadly it is sandwiched between its 50 and 200 sdma's breaking out neither on the up or down side.

    the bearishness after its earlier huge fall makes it remain in sideways with a weakish bias. therefore basically it has become a trader's mkt with no clear direction.

    the weakness in US mkts has had a significant impact on global stock mkts particularly emerging mkts and crude which is just trying to hold $70/barrel lvl.

    in just 11 trading days the nifty has twice bounced from its 200 sdma, but it was finally broken closing basis yday and downside lvls like 4800/4850 now can be possible.

    (tables above are indicative of the almost continuous and relentless profit booking/selling largely by the fii's in the cash mkt)

    it is to be noted that downtrend on nifty remains intact and every pullback is getting sold into.

    it is important that it recovers quickly above the 200 dma and sets up some sort of a short to medium term uptrend, when downmove gets over, to keep hopes from the investors point of view. some good buying support may possibly come near the 4700 and 4800 region, if not, then 4675 can be an exit point for investors and would be a cause for worry going ahead. lets see if we get buying support there for the mkt to recover thereafter.

    also one can refer to my ew analysis Case I on nifty spot eod given earlier.

    -abhay r somkuwar.

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