8:35 AM
Unknown
Nifty started the week on a timid note with Nifty futures
trading in a narrow range, on Monday. BSE Sensex shed 1.11% to close at 16,745.35, tracking weak global peers on
lingering worries over the eurozone’s sovereign debt crisis. NSE Nifty made a
high of 5,063 but closed at 5,041 after taking support at 5,017
The hedging activity seen, ahead of the RBI policy meet,
with buying pressure in puts lifting the IVs to a high of 33 despite an upmove in
the market. High IVs make options expensive to buy but make them more lucrative
to sell.
Nifty may take immediate support at 4975 and strong support at 4900. On the upside resistance is seen at 5090 and 5170. Overseas, we have housing and employment data later this week with the FOMC meet scheduled on Wednesday.
Nifty may take immediate support at 4975 and strong support at 4900. On the upside resistance is seen at 5090 and 5170. Overseas, we have housing and employment data later this week with the FOMC meet scheduled on Wednesday.