VIEWPOINT : SOME GREEN ON THE SCREEN
A late surge helped the Dow close with a half a percent gain as Fed left the interest rates unchanged and said that these low rates were likely to remain for an "extended" period. The tone of the policy statement was brighter than that of the previous one but the inference mark players made was that the easy money regime is going to continue for some time to come given the high level of unemployment.
It was a bloodbath in our markets yesterday as the benchmark indices plunged more than 3% with record volume. FII selling continued unabated as they sold index futures worth Rs. 1015 cr and provisionally sold worth Rs. 2212 cr in the cash segment. Rollover, though picked up yesterday, was still lower at 58% versus 67% last month one day before the expiry. Nifty saw a whopping addition of 18%, where February discount went up from 2 points to 9 points, implying short rollover as well as build up of fresh short positions in the February series. Nifty touched the upper level of the 4833-4750 support range we had talked about in our earlier report. Expect some bounce back as markets are quite oversold in the short term. Long positions can be taken with yesterday's low as SL. But lighten your commitments as the market moves up. Obama's statement that tax rebates given to companies that outsource need to be cut,might have some negative impact on software stocks.Tata Steel, Cairn, Cipla and Jindal Steel and Power are among the results lined up today.
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Anagram Research
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