"If you are not willing to risk the unusual, you will have to settle for the ordinary." - Jim Rhon
The market opened gap up yesterday at par with Asian Markets and on positive global cues, remained range bound till early afternoon and thereafter witnessed some selling pressure after mixed trend on the European bourses and weak U.S. index futures which finally resulted in big sell off at close and the indices drifted to their lowest of the day.
In view of Q1 reporting in progress, Investors’ action remained largely stock specific. The BSE Sensex, that rose to a high of 18,040 in early trades, closed the session at 17,878 with a bare loss of 50 points. The Nifty shuts its shop at 5368 paring all its gains towards 5416 (intraday high) and losing 18 points.
It seems that, market participants are trading cautiously in the absence of any clear signals. It is range-bound for the last few session. One may noticed that at a higher level, i.e., around 5411-5417, shorts are created but on the otherside, the crucial level 5355-5360 level are not being breached out.
From Global side, Dow started the day trading lower by 122 points earlier but managed to reverse and ended with higher by 75.53 points at 10,229.96. Nasdaq ended higher by 24.26 points at 2,222.49. S&P 500 ended higher by 12.23 points at 1,083.48. Crude oil prices ended marginally higher on Tuesday, 20 July 2010 at Nymex. European markets ended with red.
Today, Asian markets are trading mixed but trend is on the positive side. SGX Nifty shows a upmove of 36 points (5386) at this time indicating Nifty may open around 5379-5388 level.
FOR TODAY: The possible range for Nifty may be between 5345 to 5455. Any break on the upside or downside will decide the future of Nifty.
For me, I will go short again if I get the level 5412-5417 level. Hoverever, all of my trade will be posted in the comments section.
TRADE SAFE AND ALWAYS PUT YOUR STOPLOSS.
