Today,we expect the Indian market to stage a rebound today, as inflation for the week ended August 16 has declined marginally, to 12.4%. Even the global markets are depicting a rosy picture after the US economy expanded at a faster than estimated rate of 3.3% in the second quarter. Oil prices have dropped to around $116 a barrel. However, investors should not get carried away, as a sustained rally is unlikely till there is a significant improvement in local and global factors. Market participants should also watch out for India’s Q1 GDP numbers, which will set the tone for the day at least.
September Nifty futures contracts witnessed strong build up and the premium too increased. This indicates that traders are bit more positive on the new series. The 4200 put has seen healthy build up as well. So, this level could turn out to be the key one for the market's near-term direction. Rollovers in single stock futures have also been quite good at 85%. The stage may be set for another intermediate uptrend, if global cues remain positive and there are no blips on the macro-economic front either.
September Nifty futures contracts witnessed strong build up and the premium too increased. This indicates that traders are bit more positive on the new series. The 4200 put has seen healthy build up as well. So, this level could turn out to be the key one for the market's near-term direction. Rollovers in single stock futures have also been quite good at 85%. The stage may be set for another intermediate uptrend, if global cues remain positive and there are no blips on the macro-economic front either.
