NIFTY FUTURE (Last close 4697.80)
The counter closed flat yesterday with the expiry of August derivative series. The market remained lackluster throughout the session yesterday with bouts of buying and selling at intervals. The counter opens today with new September derivative series which is hoped to remain steady. Chart patterns for NF appear positive but to keep up with the upward momentum the counter needs to remain and trade above 4717.75 whereby it may move further to 4737/4762. Strong support for NF exists at 4659.25 which if breached decisively NF may slide to 4642/4619.
The market opened marginally lower yesterday on weak global cues but soon recovered and moved into positive territory on selective buying in frontline stocks. However, a fresh bout of selling at higher levels thereafter pulled down the Sensex in the red again. The market appeared lackluster throughout the session with bouts of buying and selling intermittently. Investors appeared reluctant to build fresh positions instead pressed sales at higher levels in the absence of any new trigger. Market participants were engaged in shifting positions to new September derivative series whereby Nifty future rollover is estimated to be around 69-71%. Meantime, the commerce minister unveiled the five-year foreign policy, setting a target of US$ 200 billion worth exports for next fiscal. Under the policy the government extended tax holiday and duty refund for exporters, while allowing duty free capital goods import. Meantime, the Sensex after dipping to a low of 15685 in morning trades progressively moved up into the positive territory rising to 15,853 an hour past noon, but gave up most of its gains and closed with paltry gain of 11 points at 15,781. The Nifty closed the session flat with marginal gain of 7 points at 4688 making a low of 4645 and a high of 4707 in intra day trades. Pharmaceutical, capital goods and select IT shares remained firm throughout the session yesterday besides power, auto and oil stocks finding support at lower levels. The market will open today with new derivative series of September which is hoped to remain steady. However, readers are advised to watch the market trend before building large positions