==>> Markets off days high

Indices continued its downward journey for the 2nd consecutive day. After the fantastic rally in the last week, there has been some profit booking in the last 2 days, which dragged Nifty to close below 4500 levels and Sensex too closed below the 15000 level mark. Downward journey with high volumes, may make some more downside in the markets. Total Volumes were pretty high with the total of more than 1 lakh crore in the markets.

Indices opened up strong, continued to rally, but sudden sell off in the markets, lead to down fall in the markets. Sensex in the the early trades was up by almost 300 points, but in the latter half fell down to almost 275 points. There was an intraday movement of almost 575 points in Sensex. BSE index closed at 14843 down by 219 points after making a high of 15369. Nifty closed down almost 155 points from its intraday high of 4557.95. Nifty broke down its level of 4500, to close down at 4398.90 down by 1.57%.

Sensex had gained nearly 1700 points in the last week, that too only 4 trading days. That is not sustainable. Some of th stocks have already filled up the gap that has been created in the chart after the UPA govt came in force, but there are many more frontline stocks that are still to clear that gap. So that Gap theory still remains the concern. I would still advice to keep the positions light and trade. The correction which we are looking forward , will be an opportunity to buy. People have really missed the last weeks rally, so I would suggest that investors should not miss this fall, and the downtrend should be used for buying. Global are at their 52 week high.