Daily Market Outlook : 13th February, 2008 (Wednesday)

WE SAID YESTERDAY, BEST TRADE TO INITIATE WAS NOT TO TRADE. TODAY ALSO IT IS ADVISABLE TO STAY AWAY FROM THE MARKET.

MARKET HAS CLOSED TWO CONSECUTIVE DAYS BELOW THE CRITICAL LEVEL AND EVERY RISE WILL BE MET WITH A SELLING PRESSURE.

STRATEGY WILL BE TO EXIT ALL LONG POSITIONS ON A RISE OR A PULL-BACK. THE PULL BACK WILL ALSO BE DIFFICULT TO SUSTAIN. IF NIFTY 4800 IS BROKEN THEN 4491 IS ON THE CARDS.

ONLY TRADE THAT CAN BE CARRIED OUT IS A SHORT TRADE. SELL NIFTY AT HIGHER LEVELS OF4930 TO 4950 KEEPING A STOP LOSS OF 50OR BEST IS BUY AS MANY OTM NIFTY PUTS AS POSSIBLE.

SENSEX RESISTANCE AT 16835-17113-17427. SUPPORT AT 16457-16280-15480.

NIFTY RESISTANCE 4965-4996-5126. SUPPORT AT 4803-4749-4491.