Nifty (4882) we said ‘technically the trend is still down but the pattern generated for a day is an indecisive pattern and so a bounce is not ruled out’ the market unfolded as expected and has closed in the green, so far it looks 4800 is a strong support to deal with and we may see some more upside now.
We said ‘Technically 5000 seem to be a strong support to work with and the market is also stretched on the short-term indicators and so I would say that the downside is limited and the market could sustain the 5000 levels and close higher in this F&O expiry’
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The year 2010 started with great optimism towards the global economy. The central view of the panel at Barron’s Roundtable Conference 2010 was surprisingly buoyant about the US stock markets until first half of 2010, though majority of them also agreed on a weak second half due to sluggish economy, higher unemployment and soaring deficits that might threaten to cripple the dollar. Chinese GDP for Q4’09 grew at 10.7%, US GDP for Q4’09 grew at 5.7% both easily beating economist’s forecasts. Most corporate released better than expected earnings during Q4’09. Not only this, IMF came out with an update on global growth expecting world growth for 2010 at 3.9% and for 2011 at 4.3%.
http://abnstocks.blogspot.com/
DOW EOD 28 JAN 2010
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http://abnstocks.blogspot.com/
DOW EOD 29 JAN 2010
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