"Following overseas cues, our indices opened with a gap and traded in positive territory through out the session, and closed positive at the end of the session; However, the performance of our markets is not euphoric as compared to asian peers, chiefly on domestic political situation, turning murky hour by hour. Nifty futures discount vanished during the trading and stands at just 4 points at the end of the session. The open interest position has not changed much, and flat to small discount on Nifty futures, suggests lack of confidence on the upmove.
Markets shall be volatile till expiry, depending on the positive / negative news flow in the coming days, as there is no dearth of the news domestically or from outside the country. Left parties core meeting is scheduled on 22 and 23rd, to decide on support to the UPA, in view of the firm ness stated by PM on the pursuation of nuke deal. Bank of Japan meets on 23rd to decide on rates. Mr.Pranab Mukherjee, External Affairs Minister makes statement and explains the Government position on 29th in Parliament are the events known as of now.
On rallies June closings Nifty (4318.30) & Sensex (14640.86) will offer stiff resistance, and the recent lows of this month made on last friday offer support, thus resulting in sideways consolidation - cum - distribution pattern for this month.
The day's range for Nifty shall be 4070(Support) and 4320 (Resistance); Sensex shall be 14040 (Support) and 14872 (Resistance)
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