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July series ended in Five digits, 9950 a key level to watch

“Today’s gap up opening was mainly driven by the cheerful global cues and some positive development on the political front. Subsequently, we saw massive gush in some of the outperforming private banking conglomerates. As a result, the Nifty even managed to clock the 10100 mark. However, as we generally see on the (derivatives) expiry day, the ‘2 PM factor’ came into picture; leading to a decent profit booking to conclude the July series tad above the psychological figure of 10000.
Yesterday’s sharp decline towards the fag end was a perfect example how market generally surprise us in a complacent atmosphere. Although, it’s too early to say, but this is what we’ve been trying to convey since last couple of weeks. Although, we didn’t participate (index specific), our sense remains the same that it’s very difficult to catch a precise top/ exit point and hence, in such kind of extended rallies, it’s always a prudent strategy to keep booking profits in advance. May be, this tide has not yet turned, it’s hard to say; but, there is no harm in liquidating your positions in advance in order to avoid any kind of surprises. In such scenarios, it’s always advisable to adopt a stock specific approach and that too with a proper exit strategy. Tomorrow being a weekly close, we would be meticulously tracking how market reacts after today’s expiry adjustments. As far as levels are concerned, 10055 – 10115 would be seen as intraday resistances; whereas, 9980 – 9950 would be the levels to watch out for on the downside.”

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