markettrend766
29-09-2008, 06:28 AM
Spooked by upheavals in global markets, volumes in derivatives segment were low. Overall rollover numbers into October series were dismal and mirror the cloudy environment in markets.
Gap-up and gap-down openings and hyper-intraday volatility are making the life of traders ‘miserable’. Sentiment indicators like implied volatility, put/call ratio and open interest indicate continuation of high volatility.
Market players’ unwillingness to hold positions is reflected in the recent Nifty futures rollover to new series at 60 per cent compared to 75 per cent in the last month.
Initiate fresh shorts only if Nifty trades below 3,940 and contemplate buying only above 4,080. Barring FMCG ind-ex, all the sectoral indices were in red. US economic slowdown and fears of weak order flow triggered selling in IT and realty counters.
Despite the impact of slowdown, rupee depreciation is highly positive say industry sources. Adopt fundamental approa-ch to pick good counters in the current weakness.
Value buying was seen in select pharma and FMCG counters.
Savvy punters advise contrarian buying in PSU banks and oil marketing companies.
Ahead of festival season, sugar stocks may witness upward move.
Fertiliser stocks look attractive after recent correction. Sources indicate that NFCL has been shortlisted for divestment of a sick PSU plant. Unexpected spurt likely.
Stocks looking technically strong are ITC, HUL, Indusind Bank, Colgate, Cipla, Lupin, Triveni Engg and ACC.
Gap-up and gap-down openings and hyper-intraday volatility are making the life of traders ‘miserable’. Sentiment indicators like implied volatility, put/call ratio and open interest indicate continuation of high volatility.
Market players’ unwillingness to hold positions is reflected in the recent Nifty futures rollover to new series at 60 per cent compared to 75 per cent in the last month.
Initiate fresh shorts only if Nifty trades below 3,940 and contemplate buying only above 4,080. Barring FMCG ind-ex, all the sectoral indices were in red. US economic slowdown and fears of weak order flow triggered selling in IT and realty counters.
Despite the impact of slowdown, rupee depreciation is highly positive say industry sources. Adopt fundamental approa-ch to pick good counters in the current weakness.
Value buying was seen in select pharma and FMCG counters.
Savvy punters advise contrarian buying in PSU banks and oil marketing companies.
Ahead of festival season, sugar stocks may witness upward move.
Fertiliser stocks look attractive after recent correction. Sources indicate that NFCL has been shortlisted for divestment of a sick PSU plant. Unexpected spurt likely.
Stocks looking technically strong are ITC, HUL, Indusind Bank, Colgate, Cipla, Lupin, Triveni Engg and ACC.