After a high yesterday, time to take a break!

Global factors are positive but India will pause a bit today, primarily on Crude and other niggling worries. The worries are both global and local. Fed meeting in US has thrown up a name Jerome Powell to succeed as Fed chairman after Yellen. That worries many emerging markets as we are yet to know his mind and what happens to QE. Asia is trading mixed and India will also follow suit. On Q2 also were mixed with Hero moto reporting just an average result. TVS also reported a disappointing numbers with every margin missing the estimates.

Futures & Options!

On F&O front, though the NIFTY was going up yesterday, derivative market remained subdued. For a 100 point rise the NIFTY Put call ratio went up only 0.05 points from 1.45 to 1.50. 10,600 and 10,700 calls are seeing rapid unwinding of the positions which indicates 10550 will be the roof for the series. 10,100 and 10,200 puts ate being heavily shorted and this series looks like to be a flat series in a 500 points range of 10550 to 10050 and we are almost at the top end of the series.

So what is the NIFTY call for the day?

If you still have not closed the long taken on Tuesday its important that you close it now. NIFTY will open flat to negative around 10420 and 10400 might be the first support which if not held then there is a chance of drop to 10360 levels. On the upside its 10450 which presents a very strong resistance and that’s difficult to climb. If you are a risk taker then go short today at 10420 level with a target of 10360-10380.

Q2 results scheduled today

1. Andhra bank
2. Borosil
3. Deepak fertilizers
4. Excel corp
5. Glenmark
6. Hathway
8. Natco pharma
9. Orient cements
10. Power grid
11. Ramco cements
12. Saint Gobain
13. Taj GVK
14. Ujjivan finance
15. Vedanta