"TRADING IDEA FOR THURSDAY (24.03.2011)"

FIIs were net buyers with the tune of Rs 312.10 cr (prov. cash market fig).

The BSE 30-share Sensex was up 217.86 points or 1.21% to 18,206.16. The index gained 229.98 points at the day's high of 18,218.28 at the fag end of the trading session. The Sensex lost 38.13 points at the day's low of 17,950.17 at the onset of the trading session. The S&P CNX Nifty was up 66.40 points or 1.23% to 5,480.25 after gyrating between 5,484.95 and 5,401.95 so far during the day. The BSE Mid-Cap index rose 0.92% and the BSE Small-Cap index rose 0.65%. Both these indices underperformed the Sensex.

The market breadth was positive. On BSE, 1664 shares advanced while 1239 shares declined and a total of 116 shares remained unchanged. The breadth was much stronger earlier in the day. Among the 30-member Sensex pack, 26 gained while only four of them declined. Cipla (up 4.66%), ITC (up 1.44%) and Bharti Airtel (up 1.21%) edged higher from the Sensex pack.

The total turnover on BSE amounted to Rs 2873 crore, lower than Rs 3204.02 crore on Tuesday, 22 March 2011.

FNO DATA: Nifty Call options of strike 5400 shed open interest by 34965 lots while Put options of strike 5500 had a build up of 55108 lots.

Nifty Put Call Ratio (PCR) rose to 1.26 with the total open interest in Call options at 1,404,871 lots and that in Put options at 1,775,250 lots.

Volatility Index (VIX) fell sharply by 11.70% from 25.21 to 22.26

FOR TODAY:Global cues are positive. EU as well as US markets were ended in GREEN. Asian markets are trading positive except Nikkei (Japan). SGX Nifty is trading at 5515, 12 points up (around 8.30 a.m.). Moreover, Nifty closed above its 20DEMA suggests some upmove.
If Nifty sustains its yesterday's upmove and trade above 5500, it may hits 5527 and 5550 whereas if it not able to sustain and trade below 5480, it may hit 5450 on the downside. Supports are at 5460, 5424 whereas resistance are at 5511, 5537 and around 5550 level.
NOTE: ALWAYS TRADE WITH STOPLOSS.