The Indian markets have closed the day on a negative note and have extended their losses for the straight tenth day. The Sensex has closed the day down by 258 points at 18210 and the Nifty has closed at 5459 down by 77 points. The markets are still reeling under the pressure of the rate hikes by the RBI as anticipation in the market was of a quarter % hike which was shaken when it worked out half a percent hike. The main sectors that witnessed selling pressure are the Realty, Power and FMCG sectors. FIIs have been net sellers in cash for the past 8 sessions, selling shares worth Rs 5597.8 crore. The markets opened in the red and moved between gains and losses before giving into selling pressure in index heavyweights. We have been stating the same for past 10 days that market has peaked and people must exit out of the market with profits. This is the reason our sure tips subscribers are making money every day in the market as tip performs irrespective of the condition in the market and we believe more the volatility better it is for the profit potential in the market. The daily trend of nifty continues to be in down trend. Keep following the website and we will let you know as and when the trend changes in the market. Short covering can lead to a pull back in market as it is due as per As per Fibonacci, a trend change generally occurs on the 4-8-10th trading day and same is generally most of the times reversal of the prevailing trend. We have been seeing the fall for past 9 days and Friday being the tenth trading day and we should be seeing the recovery.Today is Akshaya Tritiya and it is considered auspicious to buy gold or any other precious metal on the day. People book gold or ornaments days in advance and bring this precious commodity on the eve of this day which is considered to bring wealth and prosperity to the house. The word "Akshaya" means imperishable or eternal - that which never diminishes. People believe that Akshaya Tritiya is an auspicious day for valuable purchases, especially gold. With Akshaya Tritiya on Friday, May 6, 2011, you have one more reason to invest in Gold. India's major stock exchanges - Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) - will extend the trading session on Friday, May 6, 2011 from 04:30 p.m to 09:00 p.m in addition to normal market hours.
As a free contrarian advice as given by Ben Graham who has written in his classical Bible on stock market analysis and we quote “ if you want to create wealth in stocks, do not do what the crowd is doing. Picking beaten down good quality stocks and waiting for the tide to turn is the best approach to have we believe”. Thus make sure that you have the correct stock market guide with you to help you arrive at the correct decision. Buying a quality stock at a fair price is important to get the best returns.
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Support and Resistances for the Day
| Indices | Support | Resistance |
| Nifty | 5399 | 5560-5600-5659 |
| Sensex | 18000 | 18550 |
| Stock | Profit (Rs) |
| Tip | 1840 (Rs 50,000 Trading) |
Intraday Trading Tips
| Share | Gains (Rs) |
| Tips | 33770 |
Future and Options Daily Paid Tips
| NSE Nifty 50 Stocks | Made Money (Rs) |
| Tipz | 47880 |
Strong future shares at National stock exchange
Sintex Ind, Hind Petro, DCB, ABB, Exide Ind, BPCL, ONGC, Bata India, Indian Oil & Glaxo.
Weak future stocks at NSE
HDIL, SRE Infra, LITL, IRB, RCOM, Patni, Rel Media, GVKPIL, Bank Of India & UCO Bank.
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