The markets opened on a negative note today amidst the global sell off and negative sentiments prevailing in the markets after the lackluster Govt’s much hyped announcements turned out to be googlies.
This week also is the Expiry week for the current month contracts and given the positions built up during the last fortnight around the 5200 strikes and 5000 strikes of both the calls and puts, it looks unlikely that the strikes would be broken on either side and we might end up on either of the two strikes and not above or below them.
The Rupee fall too has not been arrested and with this the sentiments have further become bearish due to which the markets resonated bearish undertone today reflecting fairly the tussle between the bulls and bears on equal war footing to control the markets.
The european markets are trading on a flat note after the Spanish debacle yesterday and are on the cautious note about the likely developments that might crop up in the next 2 days which could set the market tone.
Our markets which have ended on a flatter note today after yesterday’s sell off have indicated that the sentiments are wavering ahead of the expiry which would either be 5000 or the 5200 mark by Thursday.
(Inputs Mr. Hemanth .V, Faculty TA, Stock Market Institute, Bangalore)