Trading in India was muted

Friends,

The trading in India was muted due mainly to the expiry of November 09 series. It may be attempted to keep in a narrow range as the people holding calls and puts in Nifty near money may benefit if there is strong movement either way and the profession writers of calls and put will then be put to loss. The closing for Nifty was only slightly up at 5109. There is however a possibility that would make Nifty push upwards as most markets around the world closed up ie Shanghai was up 2.07%,Nikkei 0.43%,Hang Seng 0.84%,FTSE 0.46%,CAC 0.51% and the US market may open better due to fall in jobless claims. This may force the Nifty jump up as otherwise the roll over will be strong and premium may be unduly up. There is big outstanding position in put and hence the fall may not precipitate tomorrow.

The PM's US visit is good for the markets here as both leaders have clearly shown inclination to give impetus to trade and business exchanges and not having stopped at just resolving political issues involving our neighbours.

Hari Om,
Krsna Khandelwal

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