India Morning Report: Markets already closed at 7800 yesterday

And like all yesterdays news markets will trade lower till afternoon after reaching the 7800 mark, to figure out if they can indeed proceed. Bank results being a good instinct to follow markets will thus trade likely at near 7800 levels till the ICICI Bank numbers hit the ticker in the afternoon before close. I am assuming there is more NPA to come however. LIC housing and IDFC are still for buying at accumulation levels at 310 and 160 respectively

The 1 mln strong OI addition in 7900/ the Position at 7900 is likely to continue long in calls making a fall harder for the bears, short calls would have helped cross the mark early in up trade. Rupee continues to trade above 60.

Reality is already trading down and will continue to correct even if (likely >10%) markets move up before close out of the 7800 levels


Afternoon Update: Changes in Relinfra and other Anil ambani group stocks may be used to add steam to the infra rally later and may be ignored as IDFC and LIC housing carry upmoves.

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