Thursday, May 30, 2013

Lackluster Expiry - Is It Calm Before Storm

An uninspiring expiry day!. Markets did nothing much throughout the day and very stock specific action ensured that markets closed in green. But the actual fact cannot be gauged by the green tick in Nifty or Sensex. The actual story of the broader market was that it sold off. There were more declines than advances. Metals and Infrastructure bore the brunt of selling, even as Indices rose from red.

But it was surprising that there was hardly any volatile movement on an expiry day. No mad surges to cover positions and hence it was overall a boring session for an expiry day. However the slide in the Indian markets was not as pronounced as the overnight global qualms. With Dow having closed 106 points on worries of tapering Quantitative Easing (QE-3), one could have got more jolt in Indian markets. By that standard there was calm in our markets today.

Be that as it may, we have a position on the buy side still standing. It is Chamblfert June Futures which closed down today at 56.1. In case you forgot, I had recommended its buy yesterday in this post.
Those holding this position should hold it till 50. All the best!.