“If a business does well, the stock eventually follows” - Warren Buffet
The FIIs were net sellers to the tune of Rs 2702.22 cr (prov. cash market fig).
Following the selloff in global markets, Indian equities plunged on Thursday on the back of rise in crude oil prices to USD 100 a barrel in international markets, which could increase India's fiscal deficit and inflation in near term. Crude oil crossed USD 100 in New York trading today on reports that up to half of Libya`s output is offline.
Meanwhile, the food inflation rose to 11.49% for the week ended February 12th against 11.05% in the previous week due to rise in the price of milk, fruits and vegetables.
At the close, the Sensex tumbled 545.92 points or 3% at 17,632.41 with 16 components gaining. Meanwhile, the Nifty ended lower by 174.65 points or 3.21% at 5,262.7 with 22 components falling.
FOR TODAY: Yesterday EU market and US markets closed almost flat except DAX which was nearly 1% down. All Asian markets are trading mixed. SGX Nifty (at present) showing today's open will be flat to negative. Will update in comments section.
After yesterday's big fall due to inflation and mainly unrest in Libya, today on the first day of March, Market will try to cover some of its yesterday's loss. A BIG SUPPORT IS AT 5177 and yesterday's support 5341, 5355 will act as Resistance now. However, if 5177 breaches, Nifty spot will be around 5070 in this series itself.
IN MY VIEW, LET THE DUST BE SETTLED......WE WILL GET ENOUGH TIME AND SCOPE FOR TRADING IN OUR LIFE.
IN ANY CASE, IF YOU WISH TO TRADE ON INTRADAY BASIS, PUT STRICT STOPLOSS.........
