Tonight, DOW was down by -1.46% & looks like FALLING MORE & MORE to retest recent lows, UK's FTSE was down by -0.50%. In Asian markets, Nikkei has opened in deep red at -4.59%.
Yesterday despite good IIP numbers which grew 2.4% in November, Govt. efforts to save SATYAM and good q3 numbers, NIFTY was down by -3.48%.
Wipro incident also lead to more sell off in IT sector stocks and Hyderabad based construction companies like Nagarjuna Constructions, Megasoft were in pressure due to big Satyam scam. Some estimates suggest that Andhra based companies – there are 235 BSE listed Andhra-based companies – have lost more than Rs 35,000 crore in market cap since the Satyam scam happened, with Satyam accounting for more than Rs 10,500 crore.
Reliance pack shares saw heavy selling and metals stocks lost ground as base metal prices fell in the international market.
Put to call ratio of Index options reduced to 0.95 from 1 which indicates more call writing or buying is happening. Volatility index raised to 48.57% from 47.82, higher the volatility will lead option values to higher.
Today, infosys Q3 results are expected which may drive markets little bit.
PUTs can be held as long as bulls are sleeping.
Intraday trading levels for NIFTY 13 JAN 09.
Resistance 2848-2924-2973
Support 2723-2674-2598
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