Today Markets opened up strong, remained in the positive zone for sometime. There was some fake trades done in RIL in the BSE exchange at 1847.90, that lead the BSE Index down around 380 points in the early trade, but due to normal trades the Index was once again in the positive zone. BSE in the early trades made a high of 15200, but lost its power till the midsession. Sensex closed down 438 points to close at 14665.92 after making a low of 14604. NIfty was down by 157 and closed at 4429.90. Nifty made a low of 4404.65.Index were down by 3% -3.50%.
In my last blog written on Friday, i have clearly gave an early indication of the sell off in the market, and that too a bit on the higher side. Nifty as mentioned earlier, that it has a good support at 4450 levels, Nifty in the last week closed above the same, but could not sustain above the same. Nifty today closed below 4450 levels. It was clearly told that the markets were trading in the over bought zone, and the profit booking will come. In the last few days Mid caps also did not perform well, and selected frontline stocks continously saw profit bookings. Today, market men tried to pull back the markets by rigging the heavy weight RIL shares, but lost their hold in front of the Bears. We might see some more correction, before the next round of buying in the marekts. Those who have book their profits in the last week, will get to buy the stocks at the lower levels again.
In the last week Baltic Dry index was up, so all the Shipping stocks were doing good. But now the Index is down again and so is the stocks of SHipping.
In my last blog written on Friday, i have clearly gave an early indication of the sell off in the market, and that too a bit on the higher side. Nifty as mentioned earlier, that it has a good support at 4450 levels, Nifty in the last week closed above the same, but could not sustain above the same. Nifty today closed below 4450 levels. It was clearly told that the markets were trading in the over bought zone, and the profit booking will come. In the last few days Mid caps also did not perform well, and selected frontline stocks continously saw profit bookings. Today, market men tried to pull back the markets by rigging the heavy weight RIL shares, but lost their hold in front of the Bears. We might see some more correction, before the next round of buying in the marekts. Those who have book their profits in the last week, will get to buy the stocks at the lower levels again.
In the last week Baltic Dry index was up, so all the Shipping stocks were doing good. But now the Index is down again and so is the stocks of SHipping.
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