After exhibiting sharp volatility during intra-day trades, the Sensex ended the session with a marginal gain of 18 points.
The Sensex touched the day's low of 13834, down 450 points from the previous close. The resumption of buying in the afternoon saw the Sensex move into the positive territory. It gained strength on the back of solid buying in reality stocks and touched the intraday high of 14930, up 647 points from the previous close. But towards the end of the day, lack of buying interest caused the market to pare all the gains and the Sensex closed the session on a flat note with a gain of 18 points at 14302. The Nifty closed the session down five points at 4318.
US markets ended with a flat after seesaw movement and also witnessed worst housing data.
Asian markets are trading in flat note with –ve bias and may leading to fall heavily.
SGX Nifty also trading in –ve note.
The Indian markets likely to open –ve to flat and profit booking likely in today’s markets.
ONGC and oil companies will face subsidy heat in today’s markets.
DLF and JP Associates faced shedding in open intrest and FII’s taken heavy positions in options and exiting the Index and Stock futures. This is an indication to the short term correction upto 4000 levels.
One can try shorts in DLF , HDIl, IVRCL, Bhushan Steel, JSW Steel and all Banking counters. PNB results would be announced today and likely to be positive today and may be the stock which buck the trend in trade today.
Overall we advice members to be cautious and avoid longs, exit if any holding.
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