"Pursue your goals even in the face of difficulties, and convert adversities into opportunities." – Dhirubhai Ambani.
Bulls took a pause after Monday’s enormous rally as the Indian market witnessed profit booking in today’s session. The selling was not only seen in India but also across the globe as euphoria over China's proposed currency reform faded. The euro zone concern resurfaced after Fitch Ratings slashed French bank BNP Paribas’ long-term rating to AA-minus from AA on deteriorating asset quality. This news also led to weak market sentiments. The main draggers in today’s trade were the metal and information technology (IT) sectors. The domestic market ended the session in the red on account of unsupportive global cues. Tracking subdued global cues, the Sensex opened mere eight points lower at 17868 making such levels its day’s high. The Sensex remained volatile all through the session as traders rolled over positions in the derivatives segment from the June 2010 contracts to July 2010 contracts ahead of the F&O expiry of the June series on Thursday (June 24, 2010). The Sensex extended its losses in the morning session. The index traded weak throughout the day. Post lunch, the Sensex slumped and hit the day’s low of 17726 following a sharp correction in Europe. At closing, the Sensex finished the day in the red, declining 127 points at 17750. The Nifty held the 5300 mark to close at 5317, sheding 37 points.
Nifty June 2010 futures were at 5324.90, at a premium of 8.35 points over spot closing of 5316.55. Nifty July 2010 futures were at 5331.90, at a premium of 15.35 points over spot closing. Turnover in NSE's futures & options (F&O) segment declined to Rs 116379.52 crore from Rs 119769.19 crore on Monday, 21 June 2010. The near-month June 2010 derivatives contracts expire on Thursday, 24 June 2010. Rollover in Nifty futures was a little over 27% at the end of Monday's (21 June 2010) trade. Rollover in Mini Nifty futures was about 38%. NSE's volatility index, India VIX, which is a gauge of traders' perception of near-term risks in the market based on options prices, jumped 6.34% to 20.64. The index had declined sharply in the preceding three trading sessions.
For today, if NIFTY (spot) goes below 5302 and sustained around 5285 BUY and below 5285 SELL.
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