"Markets were volatile as expected, due to alternate bouts of rollover of short and long positions to the next series. Analysis of Nifty futures data and the discount point out that the relief rally is over; and once again down move is on cards. Surprisingly the discount for August series which are expiring tomorrow also have huge discount of 18 points, with open interest addition point to the negative bias for today and this settlement. September discount is at whopping 45 points and Ocotber 57 points.
US markets tanked overnight on various concerns facing their economy, financial system etc., as investors dumped the equities and preferred to stay in cash; Both Dow and Nasdaq are on the verge of re-testing the 200DSMA once again and whether they offer support this time is anybody's guess. Our markets shall have gapdown opening and 4282 is june settlement closing, once breached it can be a field day for bears. Markets will be highly volatile today and tomorrow and day after so one needs to be very cautious, if trading to book profits and exit quickly.
The day's range for Nifty shall be 4200(Support) and 4365 (Resistance); Sensex shall be 14425 (Support) and 15080 (Resistance).
No comments:
Post a Comment