ASIA OUTLOOK FOR TODAY: 08MAY 2009

Medium term and Short term both are up and more likely to continue in the near term.  The momentum suggests that the markets would not fall like salt immediately, though they could tade sideways with negative bias.  However, today being the last day of trading, everybody remains apprehensive about carrying their positions over to the next week.  Follwoing are the supports below which the short term traders should desist from initiating fresh longs -on closing basis. 

JAPAN NIKKE225: No fresh longs below 9075; Exit existing longs on a close below 8964

SHANGHAI COMPOSITE: No fresh longs below 2558; Exit existing longs below 2542

HONG KONG HANGSENG: No fresh longs below 16920; Exit existing longs below 16798

INDIA SENSEX: No fresh longs below 11770; Exit existing long positions below 11620.  

INDIA NIFTY: No fresh longs below 3577; Exit existing long positions below 3534

The above given levels are applicable on closing basis.