Pri Market Commentary ...

Today,the gains of Wednesday may spill over briefly at start. With F&O expiry, the usual choppiness will continue. Moreover, with expectations that inflation may remain higher (it would be released after market hours today) extreme volatility could be the order of the day. The best bet would be to lock in gains wherever you can and keep juggling your portfolio based on the short term swings. With Oil prices rising around $5 a barrel on Wednesday fresh worries could emanate later.

Though the confidence is not yet back with the bulls, but given Wednesday’s positive momentum, the bulls would surely hope for a positive start. Furthermore, the global cues are also encouraging. However, traders should not get carried away with the current euphoria. The optimal strategy would be to lock in gains at every rally as economy worries continue to persist and market will take some more time to absorb the impact of the recent rate hike by the RBI. Expiry of the derivatives contract for the month of July along with the release of weekly inflation numbers after the market hours could keep the indices volatile.