It has been a fairly stable session of trade – early bit of volatility and then as global markets seem to have stabilised, the market recovered. There was a little bit of a blip which took the markets into the red but that’s the interesting bit that every time the markets are going below 2,950 the Nifty is finding some support.
Here is a verbatim transcript of Udayan Mukherjee's comments on CNBC-TV18. Also watch the accompanying video.
It has been a fairly stable session of trade – early bit of volatility and then as global markets seem to have stabilised, the market recovered. At 1:00 pm there was a blip which took us into the red but not for very long and now we are at 9,600 Sensex and the Nifty has broadly not veered away too much from that 2,959 mark. We haven’t quite eased off substantially after a weakish kind of start. In fact many pockets of the market have looked pretty interesting and volumes were very high again going into settlement tomorrow. So all things considered it has not been too bad for the market.
There was a little bit of a blip which took us into the red but that’s the interesting bit that every time we are going below 2,950 the Nifty is finding some support. So from a trader’s perspective as well people are buying the declines in the market. The assumption seems to be that we are not quite done yet because if that was the assumption then the market would have tied out around 3,000 and the intraday dips would not have got swallowed up quite so easily but they have been and even globally. Europe started off weak and then recovered though Asia did weaken after a positive kind of start. So globally and locally this is a couple of days of consolidation and it is looking increasingly like that post 2,800 kind of phase for the Nifty.
So I suppose the bulls will take away more from today’s session at least on the current reckoning than the bears.
