27-4-2009 trading shows that the markets, taking cue from weak global markets opened in negative (against my expectation) but gone up to previous high level of 3520 swings violently to down side just to get relieved of the option buyers. Nifty closed at 3470 -11 points but sensex closed in positive at 11372 + 43 (showing the strength of the market and no major fall can be expected immediately). F & O writings + ve, FII data is balanced , Nifty Future open interest + 25 lakhs net increase in next month is positive. But no major shorts were build up even in the next month series. No hope for nifty to move up to 3650 but all the open interest is concentrated at 3500 level. Global cues are to be positive for tomorrow.
Trade expectation: Nifty may rise tomorrow beyond 3520 and up to 3570. But for the settlement markets may close near 3500 only as expected.
Danger zones: sensex below 11050. Nifty below 3380 but not expected for tomorrow.
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