"TREND FOR THE MARKET ON WEDNESDAY (05.05.2010)"

Markets plummet after late hour sell off. After opening on a firm note yesterday, the market remained range bound with steady bias till mid afternoon. Sudden spate of selling in all the sectors alongwith European markets led by the metal pack pulled down the market to eight week low concerning doubts over Greece’s bailout as well as the likely impact of European financial problem on global economy prompted investors to indulge in some heavy selling across the board. Reality and metal stocks were the worst hit in the sell off and tumbled the most. TOMORROW ON THURSDAY ELECTION RESULTS (BRITAIN/UK) WILL BE TRICKY. Several stocks from automobile, PSU and IT sectors also closed in the negative whereas a few oil and pharma stocks managed to buck the trend. RELIANCE TRIED TO HOLD THE MARKET BUT IN VAIN. A clear break down is visible.
WATCH 5035/5050 level to buy Nifty future with strict stoploss. If it breaks below 5035, we will see 4980 level within this week. Weekly closing of 5135 is very very important now and 5200 will act as strong Resistance.
DON'T TRY TO CATCH THE FALLING KNIFE. YOU WILL GET ENOUGH TIME FOR SHOPPING WHEN THE DUST SETTLES.
NO RECOMMENDATION FOR ANY FUTURE/OPTIONS/STOCKS.
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