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11 Mar 2010 | 08:59 |
Markets may open marginally lower
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Markets traded in a narrow range yesterday as the Nifty managed to hold above the 5100 mark for the third consecutive day. Traders however seem to be bullish as the Nifty Fut OI increased by 11,443 contracts and the Nifty March Fut closed at a premium of 2.0pts as against a discount of 4.45pts in the previous session. Derivative volumes were higher compared to the previous session, which is encouraging.
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Derivative indicators were giving bullish signals as the Nifty IV dipped to 18.62% and the Nifty OI PCR climbed to 1.56. In the index option segment, maximum put writing was seen in the 5000 strikes indicating that this is now a strong support.
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Coming to the stock fut segment, fresh longs were seen in Hero Honda, BRFL, Century Textiles and Mcleod Russell. Shorts were built in Sugar stocks like Balrampur, Bajaj Hind, Triveni and Renuka. With the Singapore Nifty trading lower, we too could open on a weak note. Traders will need to watch if the Nifty can hold above the 5100 supports; else further weakness could be seen.
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