Pre-Open, Mar/29

We had another falling day on yesterday. This is the 3rd consecutive day of fall. We opened with a Gap down and in the last half an hour the fall has got worse. In this 3 days fall, we have almost given back 50% of the rise. For most part of the day. Nifty futures were trading between 3775-3780 in a 5 point band. That was not allowing any intra-day trader to make any money on Nifty futures. And in the last half an hour, 3775 Nifty futures broken.

Sensex is now precariously placed below 12900. 12725 is the last level which can bring bulls back from the on going fall. For the upside, 13061-13123-13185 likely to be the levels to watch out for.

FIIs have bought in cash markets for 289 Cr. And they have sold in nearly 90 Cr in Nifty futures and 660 Cr stock futures. We are seeing mixed Asian markets.

And I feel, the sugar stocks have come to the euphoria levels and traders might switch to another sector. Yesterday IT sector were beaten royally and that might continue.