Shorts pressing hard at higher level

CNBC-TV18’s Executive Editor, Udayan Mukherjee– The Sensex is down 367 points yesterday it was down 300 points, which is not good. We have lost all our gains and now just 300 points away from that support of 14,700 from where the pullback happened. We are already at 15,050. The Nifty will close almost exactly at the stroke of 4,500 it appears, down around 80 points. The midcap index closes around 2% down, which is not good at all and the breadth is quite dismal, 270 advances to 970 declines. That is not a pretty picture.

Volumes today were at about Rs 57,000 crore, seems a bit lower than yesterday despite rollovers happening to the July series. But that is pretty much where the market is closing, almost exactly at 4,500 Nifty and more than 350 points down on the Sensex. There are very large discounts on both the June and July series. There is no let up there and at every higher level shorts are pressing hard. The discounts for the Nifty are 15 points on the June futures and 30+ points in the July series.