September Series ended on positive note and gave 7% gains over August Series. Settlement Day witnessed highseer volatility after a long time. Global markets enered correction cum distribution pattern, thus our markets too shall follow suit. October Series being very lengthy, and expectations on results will be analysed all fund managers, run away posting of daily, weekly gains on indices shall take a pause now. Infosys will come out with 2nd quarter performance on 09.10.2009, which might be good, but, might invite much awaited correction. Another important event to be watched during October is 'Diwali' which is considered very auspicious by most of the business community and trading community in most parts of the country. Markets might hold uptrend with volatility till then and might go into correction of larger magnitude.
US markets tanked last night due to disappointing housing data, and Singapore Nifty futures indicating negative opening with 65 points gap suggests that we will have rough day today. Today being the last day of the week and monday our markets are closed for 'Vijaya Dasami' holiday, naturally force traders and investors to take profits home.
Nifty might move in the range of 4880 to 5020 today. Bear Spread strategy is suggested in view of short term bearish view explained above.
Happy trading!
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