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Markets expected to move sideways
May, 11th 2010

As we saw yesterday and in fact as you yourself were pointing out that you were pretty surprised that the markets actually sustained 5200. You expected a rise but not sustenance above 5200?

Yes. We were not expecting such a big rise up to 5200. We were in fact looking that yes, the markets looked oversold. The market should give you a pullback, so the pullback was expected to come to 5160-5180 levels.

Now considering that the global markets yesterday were really strong, we are looking at 5200 today morning also.

Now lets see going forward if the market does manage to close beyond 5200 today because generally it is observed that after such a strong rally, you might see the markets going sideways or correcting a little bit.

People would like to take profits off the table. You are getting 175 points on the Nifty in a single day, so yes, you might want to take some profits off the table, so going forward, lets see 5200 now remains to be a very important resistance level.

Once 5200 is crossed, yes, you will see the markets moving up beyond 5300. We do not see that happening actually in the next two or three days. The markets are expected to move sideways rather than moving up.

 
 
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