Bharat Thakur, assistant manager, Karvy Stock Broking said that market was very volatile today (Apr.23). Sensex closed down 85 points at 16,690 while Nifty ended at 5022 down by 26 points. Fresh short positions are building up in the markets for the next month`s (May) F&O series.
Almost IT and Cement stocks were holding firm today. Sugar stocks also remained in limelight. ACC Cements and Grasim Industries moved up.
He expects the same volatility to continue on Thursday as well due to F&O expiry but Nifty is most likely to close above 5k. Crucial level to be watched is Nifty 5200 with a stop loss of 4850.
He is bullish on sugar stocks and stocks to be watched out include Bajaj Hindustan and mid cap sugar counters.
Alex Mathew Head of Research, Geojit Financial Services said, ``Being the last day of April futures, Nifty may remain in a narrow range of 5000-5075. A break above or below will give a direction to the market.``
Rollover figures are not encouraging. Majority stock future rollover figures were below 50% suggesting weak outlook for May contract.
Midcap and smallcap futures stocks like IFCI, Arvind Mills and Hotel Leela have attracted good volumes. Buying interest can continue in these stocks.
Cement stocks like ACC, Grasim may move up due to fairly good rollovers.
As the signs of caution are high, one should not carry over long positions. Market participants are expecting some more actions from RBI to contain Inflation soon, added Alex
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