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Market Brief
* Yesterday Nifty opened flat. After flat opening Nifty remained choppy and traded with negative bias throughout day. Nifty remained range bound in narrow range of 5100 and 5125 for the day. Finally closed 22.5 down from previous close.
* Today Nifty is likely to open gap up by around 10 points. After that expecting it to remain volatile and choppy in initial hours of trade. Thereafter expecting profit booking in indices and stocks. Nifty has intermediate support at 000 and resistance at 5140. Nifty is currently consolidating in narrow range. Expecting Nifty to remain range bound till the disclosure of IIP figures this week. Advice to trade cautiously.
* Nifty March Future accumulated 1.46 lakh shares in open interest most of them were on short side, indicates profit booking in indices and stocks and corrections in Nifty cannot rule out in forthcoming trading session. Volatility Index (VIX) decreased marginally from 20.73 to 20.80 indicates Nifty to remain volatile and choppy in forthcoming trading sessions.
* Turnover in F&O segment remained moderate at Rs. 52434.16 crore compared to Monday March 8, 2010 turnover of Rs. 59633.67 crore. Among the options Nifty March 5100, 5200 and 5300 call option accumulated 1.24, 1.72 and 2.55 lakh shares in open interest. On the other side Nifty 5000 March put option accumulated 9.04 lakh shares. Increase in 5100, 5200 and 5300 call option along with sharp increase in 5000 put option indicates Nifty to remain in between 5000 and 5100 in short term.
* Tuesday March 9, 2010 FII’s were net seller in F&O segment to tune of Rs. 282.33 crore while remained net buyer in cash segment to tune of Rs. 2173.03 crore. They remained net buyer in index futures and index options o tune of Rs. 23.73 crore and Rs. 254.10 crore and net seller in stock futures and stock options to tune of Rs. 537.92 crore and Rs. 22.25 crore. Nifty put call ratio is increased to 1.18 from 1.15 due to active put writing at 5000 which indicates 5000 could be strong support for Nifty in short term.
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