What to expect on 30/09/2010......
It was a weak session for the Indian market yesterday due to a sell-off in most sectors, with the broader markets showing softness, too.
We opened gap-up on flat global cues but thereafter, profit booking in metals, FMCG, realty and oil & gas saw the Sensex and the Nifty breach the important psychological levels of 20000 and 6000, respectively.
Sensex shut shop at 19956, down 148 points and Nifty at 5991, down 38 points from the previous close.
The market breadth was negative with advances at 381 against declines of 898 on the NSE.
Top Nifty gainers were Tata Motors, Power Grid and Sun Pharma while losers included Sterlite Industries, ONGC and ITC.
For Thursday's trade 6012 and 6040 will be a STRONG RESISTANCE, ahead of expiry.
Genie witnessed an increase in OI in 6000 calls and puts as well as in 6100 call and 5900 put. So the NIFTY will be closed to 6000 during expiry.
We are likely to see some volatility in the next 2-3 weeks so caution has to be applied in the month of OCTOBER.
SGX NIFTY trading at 6025 at 6.50 am
ASIAN MKTS trading negative, US market closed in Negative with European markets also closing in red.
Genie feels that there is no fresh cues for the market to stretch its northward movement.
NIFTY LEVELS FOR 30/09/2010
5922.20 5956.70 6014.15 6048.65 6106.05
Genie's Stock Pick for the day:
GLAXO, BAJAJ AUTO, ULTRACEM - UPTREND
STER, PUNJLLOYD, HINDPETRO - DOWNTREND
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