"TRADING IDEA FOR WEDNESDAY (20.04.2011)"

The BSE 30-share Sensex was up 30.66 points or 0.16% to 19,121.83. The index gained 110.75 points at the day's high of 19,201.92 in mid-morning trade. The Sensex shed 114.98 points at the day's low of 18,976.19 in morning trade, its lowest level since 29 March 2011. The S&P CNX Nifty was up 11.65 points or 0.20% to 5,740.75. The Nifty hit low of 5,693.25 in morning trade, its lowest level since 29 March 2011. The BSE Mid-Cap index rose 0.36%. The BSE Small-Cap index gained 0.29%. Both these indices outperformed the Sensex.

The market breadth was negative. On BSE, 1476 shares declined while 1389 shares advanced and a total of 116 shares remained unchanged. Among the 30-member Sensex pack, 18 advanced while the rest declined.

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FNO DATA: 

• The Nifty futures’ open interest decreased by 1.07% while Minifty futures’ open interest decreased by 6.76%.
• The PCR-OI is at the same levels of 1.17.
• The Implied volatility of At-the-money options decreased from 19.70% to 19.50%.
• The total OI of the market is ` 1,45,289cr and the stock futures OI is ` 35,703cr.
• Yesterday, highest build up was observed in the 5600 put option, while 5900 to 6100 call options added some open interest which is mainly a buying positions.

FOR TODAY: EU as well as US markets closed in Green. All Asian markets are trading in green. SGX Nifty is trading at 5802 9at 8.40 a.m.). Today a gap-up opening in Nifty may be seen.

On the daily chart, a candlestick pattern that resembles a Spinning top  has been observed which gives a minor clue that the preceding down move is losing momentum. Also the prices have managed to close above the 200 day SMA after trading below it for a significant part of the trading session. Nifty is likely to trade in a range of 5700-5830. Fear of Hawkish stance in the May 3rd meeting of the RBI may keep markets volatile till then.

"...MORE CALLS..."