Daily Market Strategy -- IIFL IJK Time for Rest !! The indices have a tendency of astonishing the investors. The rise on Thursday may be welcome but it was unconvincing. Little wonder we may have some correction at open itself today. Market participants may choose to stay on the sidelines given the reputation that October has of being a Red month most of the years. The opening is set to be a weak to flat start. Data to be watched for would be Services PMI, Composite PMI for September, by HSBC. The RBI Governor Dr.Raghuram Rajan and all deputy governors will brief the media after a central board meeting post market hours. Global cues are weak. There are not many positive news to boast about which could bring about a change in sentiment soon. Asian markets are in the red. The U.S. budget standoff continues. The next question is whether the US borrowing limit could get breached later this month. Markets extended Tuesday’s positive momentum forward with over 2% rally in yesterday’s trade and managed to post closing above 5,900. In the past Nifty has failed to sustain above 6,000 levels on a sustained basis and hence more confirmation is needed with breakout above 6,000 levels in order to reinforce the positive stance. Nifty Support : 5795 Nifty Resistance : 5951 Nifty future which added 1.13mn shares in open interest. Bank Nifty future which added 0.11mn shares in open interest has seen fresh addition of long position. Nifty October 5,900 call which shed 0.36mn shares in open interest has seen unwinding. Nifty October 5,800 put which added 0.84mn shares in open interest has seen writing. Fresh long has been seen in Banking, Auto and Cement sector. Stocks in Ban period :
Posted on: Fri, 04 Oct 2013 03:45:31 +0000
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