Friday, May 30, 2008

Daily Market Outlook : 30th May 2008 (Friday)

Market volatility caught up with the market in the last one hour and the market gave up all its gains and took support at Nifty-4801. Market is certainly feeling uncomfortable because of the uncertainity regarding the fuel price hike.

Please check out yesterdays performance TCS, Tata Chem, Educomp, Neyvelli Lignite, I-Flex, Bharti did exceedingly well. But the Star was RCOM, which reached both higher targets. Yesterday we asked our clients to buy RCOM 560 CALL at Rs.2.50, which went up by astonishing 1000% in a day...to Rs 25. Three cheers to our clients !!!

Market will face selling pressure at higher levels, so use any rally to exit and not to build long positions.

Sensex Resistance 16411-16492-16588-16634. Support 16196-16076-15869.

Nifty Resistance 4867-4891-4929-4947. Support 4801-4767-4747.

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