The BSE 30-share Sensex was down 258.78 points or 1.4% to 18,210.58, its lowest closing level since 23 March 2011. The Sensex lost 302.92 points at the day's low of 18,166.44 in late trade. The index rose 99.85 points at the day's high of 18,569.21 in morning trade. The S&P CNX Nifty declined 77.30 points or 1.4% to 5459.85, its lowest closing level since 23 March 2011. Nifty hit low of 5443.65 in late trade.
The market breadth was weak. On BSE, 1945 shares declined while 865 shares advanced and a total of 118 shares remained unchanged. Among the 30-member Sensex pack, 27 declined while only three of them managed gains. Reliance Infra, Tata Power Company and Reliance Communications fell by between 4.23% to 5.52%.
BSE clocked turnover of ` 2723 crore lower than ` 2734.96 crore on Wednesday, 4 May 2011.
FOR TODAY: Nifty breaches the major support at 5480. Though there is a minor support at 5460, but on the downside, now actual support is around 5411 and thereafter at 5360 level. Breaching that nifty is heading towards 5177-5200 level.
Though Nifty is now in OVERSOLD ZONE, but WAIT AND WATCH WILL BE THE POLICY.
AGGRESSIVE TRADER MAY GO LONG AROUND 5410 LEVEL WITH STRICT STOPLOSS OF 5400; BELOW THAT AGAIN THEY MAY GO LONG AROUND 5360 LEVEL WITH STRICT STOPLOSS OF 5350.
THE STRATEGY IS WE WILL LOOSE SMALL AMOUNT OF MONEY BY PUTTING STRICT STOPLOSS OF 10 POINTS AND GO LONG FROM THE SIGNIFICANT LEVEL SINCE WE DON'T KNOW FROM WHERE NIFTY WILL TAKE A TURN.
FOR THE TIME BEING, NO OPTION TRADE TILL WE GET THE CLEAR TRENDS FOR THIS EXPIRY.
INVESTORS MAY BUY ONGC, RIL, LT AND BHEL IN A SMALL QUANTITY. EVEN IF THEY WISH, THEY MAY BUY 5900CE FOR JULY/AUGUST SERIES.
INVESTORS MAY BUY ONGC, RIL, LT AND BHEL IN A SMALL QUANTITY. EVEN IF THEY WISH, THEY MAY BUY 5900CE FOR JULY/AUGUST SERIES.
