MONDAY::The market opened gap up on strong cues from the world and primarily from the Asian markets. The sentiment remained high at the opening on the back of strong and fairly impressive Q4 results from the leading private sector banks and bellwether Reliance. The forecast of a near normal monsoon too aided the sentiment. The market however, witnessed profit taking at higher levels and the Sensex which has risen to 17826 in early trades slipped to a low of 17692 in late afternoon. The Sensex finally closed the session at 17745 with a gain of 51 points. The Nifty too closed in the positive at 5322 gaining a paltry 18 points after making a high of 5342 and a low of 5299 in intra day trades yesterday. Select banking, PSU, IT and capital goods stocks remained in demand and moved higher whereas pharma, oil and auto sector stocks remained subdued. Sterlite closed about 6% up in late afternoon trades after a robust Q4 result coupled with a bonus and stock split announcement by the company. The market breadth remained positive as out of 2974 stocks traded on BSE, 1555 stocks posted gains. 1325 stocks declined and 94 stocks ended flat. The market, it appears, is witnessing selling pressure at higher levels and therefore, the readers are advised to trade with caution and avoid taking large fresh positions at higher levels till a clear market trend is visible.
TUESDAY:: The key benchmark indices edged lower, snapping last five days' gains, on weak global stocks. The BSE 30-share Sensex fell 54.66 points or 0.31%, off close to 80 points from the day's high and up close to 10 points from the day's low. The market breadth, indicating the overall health of the market was weak. That was in contrast to positive breadth earlier in the day. Banking, auto, metal and realty stocks fell. Index heavyweight Reliance Industries (RIL) extended Monday's losses triggered by disappointment from Q4 March 2010 results. Stocks were volatile as traders rolled over positions in the derivatives segment from the April 2010 series to the May 2010 series ahead of the expiry of the near-month April 2010 contracts on Thursday, 29 April 2010.
WEDNESDAY:: Due to expiry, traders are advised not to carry their position overnight. Better booked profit or loss during intraday. Buy Nifty future around 5319 with a stoploss of 5311 for a target of 5328/5346/5361. Sell below 5302 with a stoploss of 5317 for a target of 5268/5241/5224. Due to recent crisis development in Europe especially in Greece and Portugal, you may see a huge gap down opening and it may go till 5184 level also.
If possible, i'll post some intraday option trade either in my blog or Kadiyali's blog.
NOTE:: I am extremely sorry for not updating the blog on everyday from Monday but actually, I am out of station and my USB data card is not working properly. It is toooooooooooo slow here. Anyway, from 2nd May, it will okay as I'll be back.
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