Monetary policy has come and gone, taken away 50 points from NIFTY as predicted yesterday. I said that a 25 bps cut with a hawkish tone will take the markets down, and that is what happened yesterday. RBI gave 25 bps cut but maintained its neutral stand and said they cant give any more rate cuts in the remaining year. That disappointed market and today also you will see a downward open to NIFTY around 10,050 mark. What happens later needs to be seen. Lot of short positions started to build up in NIFTY futures and the total long positions in NIFTY futures came down from 84% at the start of the series to 67% yesterday. 10,200 call started a heavy shorting and many are expecting this expiry to happen around 10,200 and they are planning to eat that 65 rupee premium.
Bank NIFTY has its weekly expiry today and the action is shifted to 25000 put and 25300 and 25500 call. There is heavy shorting of 25300 call to eat the premium. There is heavy shorting of 25000 put with an eye to eat the 60 rupee premium there. So, Bank Nifty will try to move between 25000 and 25300 today and with the negativity on Nifty, even the bank nifty might remain low.

Q1 results scheduled for today

1. Bajaj Electricals
2. Ceat tyres
3. Colgate Pamolive
4. Hathway cables
5. ICRA
6. Indian oil corporation
7. JK Lakshmi cement
8. Titan
9. Ujjivan
10. VIP Industries