Absolutely nothing in this mkt for retail at this point

CNBC-TV18's Head-Markets Research, Anuj Singhal: We start the new week after a very long weekend with positive global cues. While that should guarantee a good first session, the second half becomes more important than ever again. Would we again fall prey to late profit booking as happened on Wednesday?

Whatever happens, one worrying trend has been the way market breadth has shrunk and even on optically good days, we see negative market breadth. This can never be good news for retail investors and this just reflects the fact that there is absolutely nothing in this market for retail at this point.

Even on the F&O side, Wednesday again saw the trend of stock futures shedding Open Interest, especially those stocks which rallied. You could look at Yes Bank, Rel Cap, SAIL, in fact there were quite a few stocks which went up with falling cost of carry and cut in Open Interest suggesting long unwinding on rally.

The call writing has been aggressive on the Nifty and that’s reflected on low Nifty Call premiums and a very low Open Int PCR. 4700 is seen as huge resistance and not many believe that Nifty can cross that before expiry.

While Nifty levels are important for positional traders and for technical analysts, these do not matter to individuals beyond a point. What matters is their portfolios and that’s where the news hasn’t been good for last few days.

DISCLAIMER: The author is not allowed to trade in equity markets including Futures and Options. His only exposure to capital markets is via shares of TV18 and Network18 granted to him as ESOPs by the company and investments in some long-term mutual funds.