The FIIs were net sellers with sales worth Rs 1651.41 Cr (prov. cash market fig)
Indian market faced continuous selling pressure and traded below the dotted line throughout the day. Realty, Banking, health care and FMCG faced major selling pressure. The Sensex closed at 18684, down 285 points from its previous close, and Nifty shut shop at 5604, down 83 points. The CNX Mid-cap index was down 2.1% and the BSE Small-cap index was down 1.4%. The market breadth was negative with advances at 326 against declines of 986 on the NSE. The top Nifty gainers were Tata Motors, Ambuja Cements, ACC and Sesa Goa and main losers included DLF, Sterlite, Mahindra & Mahindra and HUL.
FOR TODAY: Nifty is expected to trade in the range 5555-5656. Traders are suggested to follow the strategy of selling at rise. Cement, Power and Auto stocks may show some strength while Banking, Metals and Real-Estate may appear weak.
Sell Nifty Futures below 5,596 for target of 5,572-5,555 and stop loss of above 5,616
Buy Nifty Futures above 5,620 for target of 5,650-5,688 and stop loss below 5600
Sell Bank Nifty Futures below 10,655 for target of 10,600-10,550 and stop loss of above 10,710
Buy Aditya Birla Nuvo Futures above Rs 755 for target of Rs 766-777 and stop loss of below Rs 744
Sell Axis Bank Futures below 1,291 for target of 1,277-1,260 and stop loss of above Rs 1,304
Sell ONGC Futures below Rs 1,105 for target of Rs 1,092-1,082 and stop loss of above Rs 1,118
Buy RIL 1000CE around 12.50 for target of 16-24 (within this expiry)with stoploss of below 10
Note: I may not be available for the first half. Trade cautiously and always place stoploss.
