On the global markets front, almost all the major indices in Asia ended on a negative note. The Jakarta Composite, Seoul Composite, Nikkei225 and Hang Seng plunged by 2.16% at 3,379.54, 1.74% at 2,069.92, 1.56% at 10,274.52 and 0.53% at 23,876.86 respectively. However, the Shanghai Composite advanced by 1.43% at 2,715.95.
European markets, which opened after the Indian market, traded on a positive note. Key benchmark indices like – CAC 40 was trading higher by 0.82% at 3,997.17, FTSE 100 inclined by 0.47% at 5,895.33 and in Frankfurt, DAX index was trading up by 0.21% at 7,038.73.
The BSE IT was at 6,630.33 down by 86.47 points or by (1.29%). The main losers were Financial Tech (6.18%), Wipro (4.59%), HCL Tech (1.92%) and Mphasis (1.79%).
On the corporate front, shares of ITC Ltd declined by 1.63% to Rs. 168.95. The FMCG major has reported a net profit after tax of Rs. 13890.80 mn for the quarter ended December 31, 2010 as compared to Rs. 11441.70 mn reported during the quarter ended December 31, 2009.
European markets, which opened after the Indian market, traded on a positive note. Key benchmark indices like – CAC 40 was trading higher by 0.82% at 3,997.17, FTSE 100 inclined by 0.47% at 5,895.33 and in Frankfurt, DAX index was trading up by 0.21% at 7,038.73.
The BSE IT was at 6,630.33 down by 86.47 points or by (1.29%). The main losers were Financial Tech (6.18%), Wipro (4.59%), HCL Tech (1.92%) and Mphasis (1.79%).
On the corporate front, shares of ITC Ltd declined by 1.63% to Rs. 168.95. The FMCG major has reported a net profit after tax of Rs. 13890.80 mn for the quarter ended December 31, 2010 as compared to Rs. 11441.70 mn reported during the quarter ended December 31, 2009.
On the upside 6200 remain the top OI build up strike but 5900 calls have seen fresh writing in trade. This means 5900 will be difficult to cross this expiry. 5600 seems to be a good support. The range for the last week is pegged between 5600-5750, with a bias of an upside breakout till 5900.
The PCR ratio was at 0.66 v/s 0.70, which signifies bearish sentiment and I.V’s were between the levels of 20%-21%.
BANKINDIA has seen long build up in trade.
LICHSNG, WELCORP, IOC & INDIAINFO saw short covering in trade.
POLARIS saw shorts getting piled.
FINATECH, INDUSINDBANK & ONGC were major counters which saw long unwinding in trade.
EXTREME CAUTION ADVISED. WHEN THINGS MAY START LOOKING ROSY FOR BULLS, SUDDEN BOUT OF CORRECTION MAY SURFACE, AND WHEN SCENARIO LOOKS GLOOMY, SUDDEN RISE IN INDICES MAY SURPRISE.
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