The Sensex opened 24 points higher at 15,691. Despite yesterday's fallthe index today exhibited strength in the morning trades owing to firm cues from the Asian markets and the good monthly car sales numbers.
The BSE benchmark index surged to a high of 15,923, up 256 points. However, the index slipped into the negative terrain on the back of sudden selling in the realty, metal and power stocks. The index slipped to a low of 15,475, down 448 points from the days high. The Sensex finally ended at 15,551, down 115 points. The NSE Nifty finally settled at 4,625, down 37 points. The index touched a high of 4,736, before tumbling to a low of 4,600.
The market breadth was negative. Out of 2,870 shares traded, 1,150 advanced and 1,656 declined on the BSE today.
REVIEW: markets correct but hold crucial supports.
OUTLOOK: markets cross 4730 fut but fail to sustain...intraday selloff sees test of 4600 fut. Both these levels are crucial levels.
Trading strategy: intraday only. Trade long if markets cross and sustain above 4730 fut. Keep SL slightly below 4700. Strong resistance at 4800
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