Avoid taking fresh long positions: Khandwala
Published on Monday, March 23rd, 2009 at 9:37 AMAuthor: admin (5507 Articles)
According to Khandwala Securities’ Market Preview report, as the markets approach the V-day, volatility, pessimism and uncertainty would return. One should avoid taking fresh long positions and cut some to take trading profit out.
Khandwala Securities’ Market Preview report:
The stocks are set to extend gains as bulls advance on baby steps into the new week. We maintain close above 9,140 on Sensex and 2,820 on Nifty may support the momentum.
Despite bears’ screaming at the ’suckers’ rally’, global markets are jubilant on Fed’s plan to overhaul regulation and seperate banks’ toxic assets implying major bank splits are on the cards.
After a 12% rally of the past two weeks, the indices face resistance on falling supply-line and medium term 50 day average. Individual stocks have some steam left which could carry them further up in the week seeing F&O expiry.
As we approach the V-day, volatility, pessimism and uncertainty would return. We would avoid taking fresh long positions and cut some to take trading profit out.
Asian markets are trading in the green. Hang Seng, Nikkei and Taiwan +2.8% respectively, Kospi +2.3%, Straits Times +1.7% and Shanghai +1.2%.
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