The BSE 30-share Sensex was down 137.94 points or 0.72% to 18,998.02, its lowest closing level since 28 March 2011. The index declined 181.20 points at the day's low of 18,954.76 in late trade. The index gained 117.91 points at the day's high of 19,253.87 in early trade. The S&P CNX Nifty was down 48.20 points or 0.84% to 5,701.30, its lowest closing level since 28 March 2011. The Nifty hit an intraday low of 5,687.70. The BSE Mid-Cap index fell 0.94% and the BSE Small-Cap index declined 1.15%. Both these indices underperformed the Sensex.
The market breadth was weak. On BSE, 1820 shares declined while 1079 shares advanced and a total of 87 shares remained unchanged. Among the 30-member Sensex pack, 20 declined while the rest gained.
The total turnover on BSE amounted to ` 2394 crore, lower than ` 3,000.76 crore on Friday, 29 April 2011.
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FOR TODAY: The Reserve Bank of India's Monetary Policy Review today will set the tone for the Indian stock market. We expect RBI to hike policy rates by 25 bps. However market is divided on the quantum of rate hike. 60% feels it would be 25 bps and the rest feels it to be 50 bps.
NOTE: I am holding two lots of 5900CE (May Series) which was bought yesterday @40. Will exit from that trade if nifty spot hits 5680 or 5665
US markets paired its early gains and closed in RED (flat) though EU markets closed in GREEN. All Asian markets are trading mixed. SGX Nifty is trading around 5684, 35 points down (at 8.30 am) suggests that Nifty may open below 5700.
TODAY WATCH 5665. Below 5665 (on closing basis), I will exit from all longs, if any. ON THE UPSIDE, THERE ARE NUMBER OF RESISTANCES NOW LIKE 5774, 5800. TREND WILL BE UP ONLY ABOVE 5850.NOTE: I am holding two lots of 5900CE (May Series) which was bought yesterday @40. Will exit from that trade if nifty spot hits 5680 or 5665
.... "MORE CALLS" ....
