FIIs were net buyers with the tune of ` 445.26 crore (prov. cash market fig.)
The BSE Sensex was down 117.70 points or 0.54% to 18,376.48, its lowest closing level since 30 May 2011. The Sensex rose 178.47 points at the day's high of 18,672.65 in morning trade, its highest level since 13 May 2011. The index lost 148.33 points at the day's low of 18,345.85 in late trade. The S&P CNX Nifty was down 33.60 points or 0.61% to 5,516.75, its lowest closing level since 30 May 2011. The Nifty hit a high of 5,604.95 in intraday trade, its highest level since 13 May 2011. The Nifty hit a low of 5,507.20 in intraday trade.
The market breadth, indicating the health of the market, was negative. On BSE, 1,502 shares declined while 1,308 shares advanced. A total of 123 shares remained unchanged. The breadth was strong earlier in the day. Among the 30-member Sensex pack, 22 stocks declined while rest of them gained.
BSE clocked turnover of ` 2543 crore, lower than ` 2887.69 crore on Thursday, 2 June 2011.FOR TODAY: EU markets were ended in minor positive, loosing all their intraday gains whereas US markets closed in deep RED. Most of the Asian market are trading flat to negative bias. SGX Nifty is trading around 5496, 38 points down (at 8 am).
A meeting of the ministerial panel on diesel prices, progress of the monsoon rains and data on industrial production will be on investors' radar next week. A decision on raising diesel price is likely to be taken by the Empowered Group of Minister (EGoM) headed by finance minister Pranab Mukherjee on 9 June 2011. If the government hikes diesel prices it will lead to increase in inflationary pressures -- diesel is a key transportation fuel in India. Investors will closely watch macroeconomic data in the near term, which could provide a cue on the RBI’s likely monetary policy stance at its mid-quarter policy review on 16 June 2011. The government unveils data on industrial production for April 2011 on Friday, 10 June 2011. The government releases data on headline inflation for May 2011 on 14 June 2011.These data’s and action have impact in the market. The progress of the annual monsoon rains also help ease food inflation and boost rural income.
A meeting of the ministerial panel on diesel prices, progress of the monsoon rains and data on industrial production will be on investors' radar next week. A decision on raising diesel price is likely to be taken by the Empowered Group of Minister (EGoM) headed by finance minister Pranab Mukherjee on 9 June 2011. If the government hikes diesel prices it will lead to increase in inflationary pressures -- diesel is a key transportation fuel in India. Investors will closely watch macroeconomic data in the near term, which could provide a cue on the RBI’s likely monetary policy stance at its mid-quarter policy review on 16 June 2011. The government unveils data on industrial production for April 2011 on Friday, 10 June 2011. The government releases data on headline inflation for May 2011 on 14 June 2011.These data’s and action have impact in the market. The progress of the annual monsoon rains also help ease food inflation and boost rural income.
Technically short term and medium term indicator continue to be on the buy mode. This should support a positive undertone for the Nifty. The 200 Day SMA for the Nifty is currently at 5750 is acting as a strong resistance for any up move this level has to break with volume. Oversold technical indicators which are now exhibiting positive divergence. Weekly candlestick chart also showed a “Dragon Fly Doji” which is a bullish reversal pattern
OI DATA SHOWS THAT THE EXPIRY RANGE IS STILL WITHIN 5350-5700 (AS OF NOW). TODAY'S TRADING RANGE WILL BE PROBABLY 5490-5550; HOWEVER, IF 5490 BREACHES WITH VOLUME ON THE DOWNSIDE, 5468 WILL BE ANOTHER MAJOR SUPPORT. ON THE UPSIDE, NIFTY FIRST TO CROSS 5550. ABOVE 5550, 5605 WILL BE A MAJOR RESISTANCE.