I was just talking about some market consolidation yesterday and the same was to be seen in the Indian share markets today. Sensex managed to see the third largest fall in the current year 2009. The markets have rallied 88% since mid March and it was a good time to book some profits today and thats what happened on the back of weak global cues. Asian and European markets were down today.

Sensex lost 437 points and settled at 14,665 levels and nifty at 4429 levels losing 157 points from the previous close. The realty sector was the worst hit with Unitech leading the charge from the front.DLF, Indiabul realestate also lost heavily.Sensex has completed 13 successive weeks of gains till now, so we need to see what is going to happen this week end.

Currently the US markets are also trading down when Dow has lost 1.22% and Nasdaq lost 1.37% as of now. Nikkei-225 managed to close up and Hangseng lost 2.28%. Markets could open down tomorrow but most likely it wont lose as much as it lost in today’s session. The realty sector may get some fresh buying as it lost some 10-13% today itself in the major players like DLF, unitech etc.

Some intra day trading tips for today include:

Buy Unitech Above 85, Target 88,90 Stop Loss 82
Shortsell below 82 Target 80,78 Stoloss 85

Buy Suzlon Above 124 Target 128,130 Stop loss 121
Shortsell below 120, Target 118,115, Stoploss 123

Buy NTPC Above 215 Target 218, 220 Stoploss 212
Shortsell Below 212, Target 209,207 Stoploss 215

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