The BSE Sensex lost 315.69 points or 1.82% to settle at 16,990.18, its lowest closing level since 10 June 2010. The Sensex lost 546.42 points at the day's low of 16,759.45 in morning trade. The index fell 58 points at the day's high of 17,247.87 in afternoon trade. The S&P CNX Nifty was down 92.75 points or 1.78% to 5,118.50, its lowest closing level since 10 June 2010. The Nifty hit a low of 5,054.05 in intraday trade. The Nifty hit a high of 5,204.20 in intraday trade. The BSE Mid-Cap index fell 1.52% and outperformed the Sensex and the BSE Small-Cap index dropped 2.23% and underperformed the Sensex.
The market breadth was quite weak. On BSE, 2,196 shares declined while 672 shares gained and a total of 78 shares remained unchanged. Among the 30-share Sensex pack, 24 declined while the rest of them gained.
FOR TODAY: PCR=0.96 (below 1) and PCR(VOL)=0.85 indicates that the Nifty is weak and trend is down. VIX=28.78 suggesting that wild swing/volatility will be seen. From OI data, Nifty Call options of strike 5200 added 91295 lots to open interest while Put options of strike 5000 had a build up of 69740 lots indicates that Nifty may trade between the ranges 5000 and 5200 for the time being.
WATCH 5080/5055/5030 ON THE DOWNSIDE WHICH MAY ACT AS SUPPORT WHEREAS ON THE UPSIDE 5155/5177/5200/5224 WILL ACT AS RESISTANCE.
DAY TRADING MAY BE AVOIDED TODAY DUE TO VOLATILITY. IF YOU ARE QUICK ENOUGH TO TAKE YOUR DECISION EITHER FOR PROFIT OR FOR LOSS, AWARE OF MARKET RISK, SIGNIFICANCE OF STOPLOSS, ONLY THEN YOU MAY SAIL YOURSELF WITH THE PRICE MOVEMENT.
START BUYING SOME BLUE CHIPS (PREFERABLY NOT THE STOCKS THAT MAY BE AFFECTED FROM INTEREST RATE HIKE AND EXPORT ORIENTED) FROM TODAY ONWARDS BETWEEN 4990-5050 (ONLY 30%).
