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MARKET INSIGHT

Posted by Manish Agrawal on Wednesday, 26 November, 2008

Yesterday the market opened up and then we saw a profit booking

session set in to close negative. Nifty opened at 2708.90 levels making

an intraday high of 2790.70 and a low of 2638.20 then finally closing at

2654. We had witnessed selling pressure in most of the counters along

with profit booking especially in the day when the markets moved down.

Intraday or short term calls should be followed with very strict stop loss.

In the stocks & indices the bulls were trapped as the market closed down.

The candle stick pattern so formed in Nifty is a bearish candle stick.

On the buy side we saw upwards movement in stocks like KSK,

EDUCOMP, SESAGOA, KS OIL,ORCHID CHIM, GVKPOWER,

DABUR, TATA TEA, UNITED SPIRITS, KFA, PATNI, CHAMBAL FERT,

ANDHRA BANK AND ABIRLANUVO to name a few.

On the sell side we saw fall in stocks mentioned here DCHL, BEML,

IBREALEST, SUZLON, TVS MOTOR, BRFL, BAJAJ HOLDING, FSL,

VOLTAS, M&M, AMBUJA CEMENT, HCL TECH AND SBI to name a

few.

The Nifty has a support at the 2600 followed by 2540. The resistance

levels to watch would be 2750 followed by 2850.

The support levels for the Sensex are at 8500 followed by 8310. The

resistance levels to watch would be 9035 followed by 9375.

SOURCE: ANAND RATHI SEC LTD.

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