Mumbai markets might turn volatile today as investors get ready to face the earnings report from IT bell weather Infosys Technologies. Stocks are headed for slightly positive open but Infosys might attract all attention and is likely to set the tone for the trend on Dalal Street. Today is a good day for the traders to stay on the side lines
There are rumors in the market that a big FII has a short position in Nifty futures and is probably manipulating the moves in the market.
We are 'Neutral' on Infosys stock before the quarterly numbers.Given a chance, we would side with the bears on this stock at Rs 2210.00. The stock had a decent run and the positives are probably priced in to stock. So stay away from this stock for now.
The so called 'honey moon' period for Midcaps is still in progress with speculators still active in the market.Gammon Ind, W.S.Industries, Sun Pharma Research and Tantia Constructions were among the gainers in yesterday'strade. Mercator Lines jumped nearly 10 percent as the Baltic Index continued to gain for the third day in a row.Infosys, Piramal Life, South Indian Bank and Madhucon projects are the stocks that the traders should watch out from a day trading perspective. We advice traders to stay away from the market today, as we might witness wild swings.