July 20, 2011 / 17:34 IST
Indian equity benchmarks shaved off yesterday's gains on Wednesday led by profit booking. The fall was despite positive global cues post Barack Obama talks on US debt rating. It seemed that Indian markets already priced in the news in previous day's trade and are looking for further clarity on US budget deficit and euro-zone debt crisis.
The 50-share NSE Nifty closed well below the 5,600 mark, with falling 46.5 points or 0.83% to 5,567.05. Monal Desai, VP Head Institutions Derivatives at Prabhudas Lilladher feels that if it breaks 5,600 level it is likely to trail back down to 5,530 and then below that it may see 5,400 level. "The market is still in the shorter range of 5,530-5,660," he said."From options point of view 5,500 put and 5,700 call could be advisable or maybe little bit on the safer side you could do 5,400 put and 5,800 call. I don
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