Tit - bits

The market ended with steep losses on Tuesday, due to profit booking, after the recent but spell. Nifty hit an intraday high of 10,291.15 in afternoon trade, however profit booking happened which made it close at 10,046.65 down 120.80 points (-1.19%). The BSE  Sensex closed at 33,956.69 down 413.89 points  (-1.20%).

In the broader market too, the BSE Mid-Cap index fell 0.21% and the BSE Small-Cap index lost 1%.

Sellers outpaced the number of buyers. On the BSE, 1,117 shares rose and 1,459 shares fell. A total of 173 shares were unchanged.

The Nifty is below its 100-day simple moving average placed at 10,282.46, which could act as a crucial resistance in near term. The Nifty had moved up by 11.27% in ten sessions from its closing low of 9,029.05 on 26 May 2020.

Now, with hyperinflation fear roaring high and the Indian economy stagnating, it is time for the  bulls to take rest for some time; if logic prevails instead of unnecessary euphoria.

Meanwhile, the world markets which were also riding the bull wave, could also turn red. Already a few of the world markets (read Asia) are already trading in the negative zone today. In such a situation I would suggest you to sell all your open positions and sit with cash.

#Sell the shares of  Just Dial Ltd Corresponding to the Spot price of Rs.406, for short term targets of Rs.350/342. SL: Rs. 427. The company is almost closed since the  Lockdown. It will have a severe impact in its June quarter results.