Inspite of big sell off in US markets and weak European markets, our markets traded in narrow range, posting higher highs finally closed flat, a head of Infosys results to be announced today, was assuring strength or is it calm before the storm, will be known in today's trading. Nifty futures discount norrowed to 16 points indicate that not much shorts exist in futures, as the positions have been shifted to options, where gap up / gap down movements shall not hurt much as they do in overnight futures position. This suggests that market is making a boundary for a break out. 4150 level observed by me, has overcome for two days in succession, and if Nifty could close today above this level, then it confirms short term bottom formation at 3848.25 for the time being. Political situation uncertainity is over, with left parties withdrawing support and PM is very happy and relaxed having asserted his point of pushing Indo-Nuke deal. If UPA government survives the trust vote without left parties, then that can be a big booster to the markets, as reform process can be pushed by government.
Infosys results to be announced before market hours give a view on the tech sector performance, and outlook of US economy too, to some extent. IIP numbers might be disappointing, where as Inflation shall show some more uptick, and finally week end consideration, might invite some profit booking, as follow up buying is not seen yesterday, after a stunning rally on wednesday. Crude jumped to US141$ due to possible supply concerns from Iran, which has test fired long range missiles, against the wishes of western nations. Any trouble in middle east, can make the crude to cruise to even US$250, few reports suggest, is the major concern and threat now for global markets and economies!!. US markets rallied inspite of weak economic data, however, the assurance from Mr.Bernarke that regulatory action shall be taken to bail out big corporates and economy, if needed. Singapore Nifty futures are currently quoting at 24 points discount, and asian markets are trading weak at present.
Range for the Day: Nifty might trade in the range of 4040 to 4240.
4 comments:
sir ji ,
fri is over sat is over . awaiting your post . please sir post your comments .
are you using options or futures in stocks?
Hi,
I completely concentrate on Nifty futures and options, as the title of the blog aims at it.
However, I do track stocks too; where I use futures only.
bkvrkrao
sir awaiting your post for the day . Hope all well .
I start my day reading your post .
Rahul Thadani .
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