The bears have come, esp after having targeted the bank nifty trying to make a public play before the 2:30 hour begins in equities but banks have steadied ships after commentary by bank CEOs on the PMEAC report and ratings among others.
As of now, the market looks set to close above 5400 on Thursday bu tthat could just be keeping the run down / exit for the expiry afternoon and 5350 is the safer level. Tata Steel and Tata motors/Reliance bait has not grabbed much interest and TCS and Infy have struck out at new levels too. Thursday’ Expiry target is key for most active tradersand the underlying trend being bullish makes it almost impossible to add further buying in the September series which as the near month has attracted very high fluff premiums in the preceding week/fortnight Banknifty for example still enjoying a 100 point premium
Orchid and OPto have recovered from revenue shocks where most already kknew the dip in Sales from Ascend Pharma Sales /others in Opto being lost and the new series could see renewed long trerm buying by a 2-3 FIIs apart from more derivatives based interest.