"TRADING IDEA FOR WEDNESDAY (08.06.2011)"

FIIs were net buyers with the tune of ` 112.70 crore (prov. cash market fig.)
The BSE Sensex was up 75.51 points or 0.41% to 18,495.62, its highest closing level since 1 June 2011. The Sensex rose 125.84 points at the day's high of 18,545.95 in mid-afternoon trade. The index fell 68.87 points at the day's low of 18,351.24 in early trade. The S&P CNX Nifty was up 24.10 points or 0.44% to 5,556.15, its highest closing level since 1 June 2011. The Nifty hit a high of 5,570.10 in intraday trade.
The market breadth was positive. On BSE, 1540 shares advanced while 1263 shares declined and a total of 111 shares remained unchanged. Among the 30-member Sensex pack, 18 stocks rose while the rest of them declined.
BSE clocked turnover of ` 2493 crore, higher than ` 2434.61 crore on Monday, 6 June 2011.
FOR TODAY: EU markets gives up all of their points earned during the day and closed almost flat. US markets also gives up and ended down, in RED. All Asian markets are trading down, nearly 0.5-1%. SGX Nifty is trading at 5521.50, down 41.50 indicating that Nifty may open around 5524-5525 area.
WATCH 5500 ON THE DOWNSIDE AND 5550 ON THE UPSIDE. ABOVE 5550, RESISTANCE ARE AT 5577, 5589 AND 5605 WHEREAS ON THE DOWNSIDE, BELOW 5500, SUPPORTS ARE AT 5480, 5467 AND 5450.
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