Market Setup 7th March
If you see last two days, India and the other markets seem to be operating in two different Universe. India has been rising and last two trading sessions saw close to 200 points gain in Nifty whereas other markets in the World was either in red or flat. Dow Jones had another red day yesterday with Dow correcting more than 130 points making it 3 consecutive days of fall. The main news is the Trade deficit seen in US and that is widening now to 60 billion dollars. Asian markets are also in red with Hong Kong losing 100 points and Japan losing 150 points. Brent Crude is still in the range of 64 to 67 dollars trading at 66.5 dollars now.
Coming to the domestic scenario, the war noise is reducing and the issues that were at the back burner are slowly emerging out. Rafale is back again with Govt making a sensational claim in Supreme Court that the key papers on Rafale deal were stolen from the Defence ministry and they appeared in some news papers like The Hindu and Govt is contemplating action under the official secrets Act. Congress went on
On the derivatives front, there has been a lot of buying and short covering seen in the Nifty futures. Two short were covered for every long taken in Nifty futures and that brought the Nifty overall long positions to 52% which is the highest in the series.
What is the Nifty call for the day?
Today we will open flat to negative between 11040-11060 mark and as the expiry markers indicate we might find support at 10980-11000 mark and on the