Indian Markets expected to be volatile on F&O expiry - Alex Mathews

The markets had opened on a negative note tracking the weak global markets and moved in a range in the morning session before witnessing further selling in the afternoon session and closed for the day near to the day's low. The concerns over the debt problems in Greece and Portugal had caused massive selling in US as well as Asian space.

Our markets too opened on a lower note with most of the selling coming in the realty and metal stocks. Greece and Portugal were downgraded by S&P which raised concerns over the other Euro-zone nations as well with Greece's securities regulator banning short selling for two months. In the US index futures segment, it had fallen into red showing a weak opening for DOW. Also the US federal reserve is likely to hold the interest rates near to zero at the end of a two day policy meet today.

Our markets finally came to a close with Sensex down 1.76% and Nifty down 1.75%. Individual gainers were Sun pharma, ACC, SBIN, ABB and IDFC while the losers on Nifty were SAIL, JP Associate, Reliance, Unitech, TISCO etc. Sectoral front, we saw weakness in realty, oil, metal and Consumer Durable leaving no one on the gainers side.

As we are going to see the April F&O expiry tomorrow, the markets are expected to show good amount of volatility. For Nifty the major support is there at 5152 and 5111 while the resistance is there at 5263 levels.

Source : Equity Bulls

Keywords