Yesterday was not as positive as one would have thought of, but it was definitely not negative. If long positions would not have made any money to you, the short positions would have kept you where you were. Today you can expect a open close to 9800 and that would put pressure on the shorts. Longs will go into profits. Yesterday there was selling as soon as NIFTY opened but today it might not happen that way. We could see NIFTY spending some time breaking the 9800 and that would be a healthy sign. Yesterday’s long position taken at 9760-9780 zone would give you handsome returns if NIFTY goes to 9850 and that is not very far away. So the call for today is there is no reason for the markets to fall, so I see no reason why they should close in red.
Buying happened yesterday in derivatives market, especially in NIFTY futures and that kept the premium of NIFTY futures intact. On the options side, 10,000 call is still being shorted and so are the 9800 puts. Now the action is shifting to shorting 9800 put which indicates that NIFTY will scale up 9800 levels and that will be a great support. This in itself is a good news. Infosys is coming out of its bearishness and today there is a meeting scheduled where NRN murthy will try to address the fears of the investors. There will also be some kind of peace made between the management and leadership. So, dont expect another fall on infy, except a mild uptrend and the stock might eventually test 900 levels.