SMI –29th August 2013 – Market View

Posted By : Kishore B.S

Hi friends,

As expected market bounced yesterday from the day’s low levels to close almost flat. Manny traders were caught on the wrong side and lost alot in put options. Nifty made lows around 5120 and then bounced back to 5285 levels.

As of now the downtrend seems to stop, thanks to the relief rally. Today is August expiry and Nifty is up 100 points on back of short covering and positive global cues. But again the sustainability of the rally is questionable. We have seen in the past that Nifty has shown such rallies but in just a day or two has erased all those gains. So, one should be cautious if any longs are created with strict stoploss.

It is better to stay out of the market as the expiry will make Nifty volatile. In the last hour or so there can be random movements in the Nifty. The global markets are showing some strength and that has been replicated in the Indian markets.

Cheers!!

Team SMI

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