Market Scenario

The Indian market opened for trading on a positive note. It was a quiet end to a choppy session despite a strong opening since the market gave up all its gains as trade progressed amid negative global cues and weakness in Indian rupee.

IT came in for a bit of short-selling but capital goods, banks and realty were positive. The market breadth was positive with advances at 925 against declines of 492 on the NSE.

The market trend is indecisive with a down ward bias. Hence, careful selection of stocks is of paramount importance.

Technical Analysis: Sensex shut shop at 16183, up 30 points and Nifty at 4906, up 14 points from the previous close. If Nifty level of 4922 holds then we could see the bounce back to last till 5070. On the lower side 4900 is the strong support level.

Suggested Strategy: The market trend is down ward biased. However, the markets are making an attempt to break out on the upside. Markets are waiting for positive cues. The market is at a good point to enter at current levels. Long term investors may start accumulating blue chips stocks on every decline.