Tuesday, November 18, 2008

Avoid going short after a negative open this morning.

We may test 2525 on the Nifty is Dow keeps haunting us and
further the previous lows of around 2250. No doubt I would still recommend investors to buy with long term horizon.

Market would give lot of trading range for traders to make some money in the
process. The range I now estimate to remain till the elections is between 8000 and 12000, if you consider the targets set in the above para then the range would break down but the expectation's are that we would very fast enter into the range every time we break out.

Shares of Citigroup slumped 6.6% after the bank said it would cut about 50,000 jobs

In a separate development Unitech has repayed its loan to India Bulls and has also is mulling to sell its 200 room hotel in Gurgaon.

Today might not be a big scoring day for the bears, as there is strong chance that the market will bounce back after a lower open. We caution investors against going short in today's market.