It has been a quieter day for the market globally speaking and nothing wrong with that. We had a 6% upmove today so 1% here or there should not rattle investors and I do not think they are rattled today. Yes, it has been a bit subdued, some profit taking has happened a little bit of skipping off has happened, the volumes have dipped a little bit I do not think we will go anywhere close to 85,000-90,000 crore like we did yesterday and that too on the penultimate day before settlement. So volumes lower, breadth okay and a little bit of profit taking and pause after the rally of yesterday. So nothing wrong on the screen as far as trade goes today but we will wait and watch today has been a bit of a day off globally speaking.

Q: More or less along expected lines as well?

A: It is, you would have expected to see this even more of a give back was fine after going up nearly 900-1,000 points even if you lost a couple of 100 points I do not think it would have been much skin of the market’s nose.

The only thing is that it is a very nascent kind of a rally that you are seeing right now extremely formative and at this point you do not want a big setback because sentiment is quite fragile and we have only had a couple of days of an upmove. So if we get to those important levels like 16,000 I think it is a psychological level right now, traders would not like to see trade below that level and if 16,000 holds out you get little bit of comfort in the pit of your stomach. 4,800 again has been a bit of a level to watch on the Nifty. As long as we do not go below those levels I do not think traders will be rattled.

The good thing about trade today is that every time the market has given you those dips, which have taken hit close to 16,000 on Sensex and 4,800 on Nifty you are seeing some amount of buying, which is resurfacing. So from a complete sell on rally kind of mode, the market or some part of some section of traders might have got into that buy the declines kind of mode as well which is a building kind of phenomenon.

I have no idea how things will eventually pan out over the next few days but at least it is heartening that people are buying the intra-day dips, which is why the markets are not falling off quite so sharply. Time will tell whether that is a good trade but for the moment at least there is an inclination to buy every time there is a good 60-70-80 point dip on the Nifty from the highs of the day. So we still remain in a constructive frame of mind at least for the near-term and that is pretty much what the screen has been telling us throughout the day. Just a pause not a complete collapse or a reversal at any point.