Market is range bound as roll overs begun! Expect weakness today as Nifty futures are at discount!

Our indices have opened in positive territory and traded with gains for most part of the day. As roll over to next series began volatility has set in, at one time, Nifty has turned marginally negative but finally both indices have closed with marginal gains. UK markets were closed yesterday, and US markets have tanked once again over night, as dollar weakened and the fears of credit crisis and recession fears daunt the investors. Nifty has held July closing yesterday too, which will be a reference level for this settlement which is to be watched for clues intra day till 28.08.2008. VIX has closed at 45.11 indicating higher volatile times. 50DSMA level of Nifty currently placed at 4277.35 should offer support on weakness where as 20DSMA 4415.36 will offer resistance for today.

Asian markets are trading in negative territory following global cues and Singapore Nifty futures are currently quoting at 49 points discount, indicate weak to negative opening for our markets today.

Range for the Day: Nifty might trade in the range of 4250 to 4450 today.

Strategy for the Day: Buy 4200 Calls on weakness for intraday trading.