"TRADING IDEA FOR WEDNESDAY (27.04.2011)"

FIIs were net sellers with the tune of ` 554.03 crore (prov. cash market fig).
The BSE 30-share Sensex was down 38.96 points or 0.2% to 19,545.35. The index lost 277.39 points at the day's low of 19,306.92 in afternoon trade, its lowest level since 20 April 2011. The index gained 41.82 points at the day's high of 19,626.13 in late trade. The S&P CNX Nifty was down 6.10 points or 0.1% to 5,868.40. The Nifty hit a low of 5,791.55 in intraday trade, its lowest level since 20 April 2011. The BSE Mid-Cap index fell 0.03%. The BSE Small-Cap index also shed 0.03%. Both these indices outperformed the Sensex.
The market breadth was negative. On BSE, 1582 shares declined while 1276 shares advanced and a total of 118 shares remained unchanged. Among the 30-member Sensex pack, 20 declined while the rest advanced
BSE clocked turnover of ` 3096 crore, higher than ` 2736.77 crore on Monday, 25 April 2011.
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FNO DATA: 
  • Nifty Call options of strike 5900 added open interest by 25894 lots while Put options of strike 5500 shed open interest by 7954 lots.
  • Nifty Put Call ratio stands at 1.35 with the total open interest in Call options at 1,318,939 lots and that in Put options at 1,786,601 lots.
  • Volatility Index rose by 3.82% from 20.91 to 21.71.
FOR TODAY: EU as well as US markets closed in GREEN. In fact, US markets closed at their highest level in three years. Today morning, All Asian markets were opened on a buoyant note and trading in GREEN. SGX Nifty is trading at 5906 (at 8.30 a.m.), 31.50 points up indicates higher opening in Nifty today morning.
The trend line resistance, emanating from adjoining 6338 and 6181, the tops made in November 2010 and January 2011, will again comes into play today. A decisive crossover of 5944 is required for the further upmove in Nifty. 5791, yesterday's low should serve as the immediate support. Today WIPRO, PATNI, SUBEX, DABUR, EXIDE, SASKEN ETC. WILL ANNOUNCE THEIR QUARTERLY RESULTS.
TODAY AROUND 5926-30(NS), GO SHORT FOR NIFTY WITH STRICT STOPLOSS OF 5950 FOR A TARGET OF 5900 AND 5880.
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