Post Market Report, March 21. 2014 | Stocks and Commodities

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March 21. 2014
Time: 7 pm

Post Market Report:

1. Markets closed flat.
2. Expected short covering did not come.
3. As Mr Prabhu Veeraraghavan has mentioned in his comment to our Mid Market Report, traders have tomorrow's session to square up the shorts.
4. Also the price movement in Axis Bank was totally not expected.
5. After the stake sale around 1322, it has shot up to around 1412, about Rs 90 movement in intraday.
6. Still future price is at a significant discount to spot price in Axis Bank.
7. There is no big build up of positions in options.
8. Though we were bullish about the markets few days before, it seems that Nifty will expire between 6500 and 6600.
9. Nifty closed almost flat for the past 9 trading sessions.
10. This is despite huge FII buying and positive global cues.
11. We have to ignore today's FII buying of Rs 4222 crores as we do not know how much of this is due to SUUTI stake buy in Axis Bank.
12. Same thing for DII sell figure of Rs 4076 crores as it may include the Axis Bank.
13. Now US markets are up. We will see what happens tomorrow.