The 30-share BSE Sensex slipped below the 18,000 level in an intraday trade for the first time since August 31, 2010. However, the Nifty managed to hold strong 5400-mark, which seems like a major support for the time being.
Yesterday's pullback rally did not last longer as benchmark indices plunged nearly a percent and half to close at the lowest level since 31st August 2010. Sensex lost 305 points to close at 18022 while Nifty finished at 5417, down 89 points. BSE mid-cap and small-cap indices lost 1.6% and 1.4% respectively. Unitech slummed more than 10% after reports that the company has moved court to prevent Morgan Stanley from selling shares that were held against debt raised by the promoter entities. India's trade deficit in December narrowed to USD 2.6 bn as against 8.9 bn in November on the back of 36.4% rise in exports and 11.1% fall in imports.
FOR TODAY: Almost all triggers have already factored in for the near term. Our market though underperform with Global market, buy for the time being now our market may follow global cues. US as well as EU markets closed in green. Today all Asian markets are trading in green. SGX Nifty is trading around 5490 (66.50 up). Nifty may open above 5488 which is also a crucial area. Above 5500, it may test 5545. But don't carried away with this upmove. Till 5801-5810 taken out, best strategy is SELL ON EVERY RISE.
Yesterday, delivery call for long 5500CE at 77 for a target of more than 120 and RIL 950 CE at 12-13 for target of 22 ( with strict stoploss of 10; touched 10.80) in this expiry was given around 2.30 p.m. It was also suggested later to exit/avoid RIL call as it was not performed well as expected. For any suggestion/query, please post your comment.
