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Mid Market Report, March 24, 2014

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March 24, 2014
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March 24, 2014
Time: 1 pm

Mid Market Report:

  1. We expected the short covering on Friday, then on Saturday, but it happened today.
  2. It was so surprise that short covering was so swift, most people could not react.
  3. There were no positive newflows.
  4. Infact, China Manufacturing PMI came which was negative. Also Russia-Ukraine tension also escalated.
  5. Europe will open about half a percent lower.
  6. But US futures are positive.
  7. As we have mentioned in the morning, Bank Nifty is out performing Nifty.
  8. Cyclicals are picking up while defensives are taking back seat.
  9. Nifty future is trading above the resistance of 6580.
  10. It should trade in the region of 6580 and 6620.
  11. Once 6620 is crossed, next level will be 6680.
  12. It will be interesting to see where the Nifty expires this week.




Written By

Options Trader and Trainer

Comments

  1. Unknown24 March 2014 at 14:26

    As indicated last week CNX Pharma is under performing Nifty. Nifty likely to expire around 6450-6550 levels.

    6600-6650 CE has more OI than 6600-6650 PE's as of now ..

    ReplyDelete
  2. P R Sundar24 March 2014 at 17:30

    When cyclicals shoots up, defensives take a back seat. That is common. Yet my last week Auro Pharma position has given Rs 9000 profit as of today, as it is still between 470 and 570.

    ReplyDelete
  3. Unknown24 March 2014 at 18:58

    True. AuroPh is not in CNX Pharma index. You are professional, when it comes to selling options. Hence you make lot of money. Only few earn in markets, you are one amongst the few.

    ReplyDelete

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