FIIs were net sellers with the tune of ` 254.55 crore on Thursday, the 4th August 2011(prov. fig.);
The S&P CNX Nifty was down 73 points or 1.35% to 5,331.80, its lowest closing level since 23 June 2011. The Nifty hit a high of 5,434.50 in intraday trade, its highest level since Tuesday, 2 August 2011. The Nifty hit a low of 5,323.15 in intraday trade. The BSE Mid-Cap index fell 0.76% and the BSE Small-Cap index declined 0.57%. Both these indices outperformed the Sensex.
The market breadth was negative. On BSE, 1,708 shares declined and 1,136 shares rose and a total of 131 shares remained unchanged. The breadth was positive earlier in the day. Among the 30-share Sensex pack, 28 declined while only two of them managed gains.
FOR TODAY:
WATCH 5290-5300/5270/5249 ON THE DOWNSIDE WHEREAS 5334/5365 WILL ACT AS RESISTANCE.
SHORT TERM TREND IS SURELY NEGATIVE. HOWEVER, SOME LEADING INDICATORS LIKE STOCHASTIC AND RSI ARE GIVING OVERSOLD SIGNAL OF NIFTY. SO A SHORT TERM PULL BACK RALLY CAN NOT BE RULED OUT. BUT ITS NOT NECESSARY THAT THE PULL BACK WILL START TODAY OR TOMORROW..... IT MAY TAKE SOME TIME. BETTER AVOID DAY TRADING FOR SOME DAYS.
NOTE: I MAY BE AVAILABLE AND TRADE TODAY. IF AND ONLY IF, NIFTY BOUNCE BACK FROM ITS LOWER LEVEL AND TRADE ABOVE 5334, I MAY GO LONG. IT IS ALSO POSSIBLE THAT AROUND 5250-5270 LEVEL, I MAY GO LONG ON INTRADAY BASIS.
