The 30-shares index, BSE Sensex, on Thursday (June 3), ended the day on dreary note on the back of heavy selling action at the higher levels and weak global cues.

The Sensex marked its closure at 13,094.11 after losing 570.51 points, while the broad-based NSE Nifty fell 167.60 points at 3,925.75.

Technical analyst, Vishwas Agarwal advised investors to stay away from the stock market until political drama gets over as no FII’s (foreign intuitional investors) inflow will be there in this political havoc.

He asked investors to adopt ‘wait and watch policy’ as a result to this problem.

“Still further rise in crude oil prices and inflation will remain major problems hence we cannot expect any big jump in BSE but there is a possibility of trading activity,” he said.

Stock market analyst Suresh Kumar Iyer said, “Market was choppy on July 3 and lost all the gains of the previous day. Weakness in global markets and record high crude prices caused the damages.”

“Tomorrows inflation figures are expected between 11% to 12% and people are not ready to take fresh position. Technically market will remain choppy for next couple of days, the direction of the market will be clear only after that.  Currently nifty is trading at fifty point discount which is a cause for concern,” he added.

Nifty will have a support level of 3,843 and 3,772, whereas the upper side will face the resistance at 3,987, 4,080, 4,170 and 4,156.

The range for couple of days should be 3,760 to 4,160. Weekend and inflation is likely to maintain confusion in the market, Suresh said.

Mr. Suresh also advised that investors with high risk appetite can go long on BHEL at existing market price, Hindustan Oil Exploration above Rs 134, Bajaj Holdings above Rs 440 and Glaxo above Rs 1,150.