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Nifty EOD Chart 20 Aug 2010

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Dear Friends,
Above 5549 the next sustainable resistance that seems visible on EOD charts is one at 5705
odd levels.
People who are working with a target of 6000 in Nifty are working on the 600 points
triangle using the breakout of 5400 and a lower zone of 4786.At the moment any
incremental buying is unwarranted for a simple reason that being stock specific is much
more rewarding then being positive on the entire index.
NIFTY Index has a RSI of 63 just below the technically overbought level of 70. Market is
showing signs of fatigue. At the same time it is unwise to short the entire market for a
simple reason that it is not showing signs of any sustained weakness. Unless we see a
technical breakdown below 5350 on a weekly basis any kind of leveraged short side trade is
a strict No No.
What I see as a consensus outcome for next 3-4 years is a sustained period of stock wise
activity in the broader market with a consolidation in the main indices.During the
consolidation period we can see an uptick of 10-12% in the broader indices.
Perhaps the main reason why the market is sustained at the upper zone of the valuation
spectrum is based on the fact that gold in the form of Foreign currency inflows is pouring
at an unprecedented rate in the Indian economy, Unless some macro economic factor lead
by currency fluctuations globally leads to a sustained weakness in the indices we might not
see a sustained downmove in the indices.
In nifty watch for 5400 and 5351 as support levels. the only resistance zone visible to me is
around 5555 levels and above that 5705.
TSR LONG TERM CALL REPORT ON BALMER LAWRIE INVESTMENTS LIMITED
HAS BEEN GENERATED AND SEND TO WEEKLY CLIENTS

LAST WEEK DELIVERY CALL PERFORMANCE:-

RETURNS ON 1
GAIN LAKH INVESTED
PER BUY CALL
RECO TARG / /PER LOT
M. ET / RESUL LOSS TRADED IN FUTS
DATE STOCK PRICE SL T % SHORT CALL
PROFIT /
LOSS
BUY NO
ADOR 230- PROFI
15/8/2 WELDIN 217- 236 / T NO
010 G 212 208 LOSS ------- -------
SHORT 448- CALL
15/8/2 BANKIND 478- 436 / INACTI
010 IA 483 487 VE ------- -------
BUY 316- 2%
15/8/2 KESORA 303- 324 / LOSSE
010 M 299 296 SL HIT S 1986
TARGE
BUY 77-80 TS 11 %
15/8/2 DSKULKA / ACHV PROFI
010 RNI 73-71 69.60 D TS 11,104
2050-
2025 CALL
15/8/2 SHORT 2105- / INACTI
010 OFSS 2127 2142 VE ------- -------
1806-
1786 CALL
15/8/2 SHORT 1875- / INACTI
010 LUPIN 1895 1905 VE ------- -------
BUY 192- CALL
15/8/2 SURYAP 186- 195 / INACTI
010 HAR 184 182 VE ------- -------
TOT Rs.
AL
 9,118
Xcluding
Brokerage/ta
x,etc.

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TEAM STOCKRESEARCHERS

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