"TRADING IDEA FOR THURSDAY (17.02.2011)"

The BSE 30-share Sensex was up 27.10 points or 0.15% to 18,300.90. The index rose 85.04 points at the day's high of 18,358.84 in late trade. The Sensex lost 57.68 points at the day's low of 18,216.12 in early afternoon trade. The S&P CNX Nifty was up 0.70 points or 0.01% to 5481.70. The Nifty hit a high of 5,504.80 in intraday trade. The BSE Mid-Cap index rose 0.53% and the BSE Small-Cap index gained 1.01%. Both these indices outperformed the Sensex.
The market breadth was strong. On BSE, 1,745 shares advanced while 1,130 shares declined and a total of 87 shares remained unchanged. Among the 30-member Sensex pack, 16 fell while the rest rose.
BSE clocked turnover of Rs 3070 crore, lower than Rs 3791.96 crore on Tuesday, 15 February 2011.
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FOR TODAY: A consolidation was expected by the Marketmen after having a havoc 5-6% upmove within two and a half day. The rally is still continuing and is near its resistance. If crossed 5515, we may see 5550 and 5600. But as overall trend is down, it is better to watch the market with price movement alongwith volume for the time being before taking any long position.

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