Mkt may end series at current level: Udayan

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"The backdrop is not too bad as we head into expiry for this series. Today is the expiry day for the November series - you will recall - and we are set up pretty okay," said Udayan Mukherjee, Managing Editor of CNBC-TV18. "The US markets did pretty okay last night, the Asian markets are not doing that well, so mixed cues once again for the rest of Asia, which has appeared a bit tired but that's the backdrop with which we head towards expiry for a series that has been quite good for the stock market."

Here is a verbatim transcript of Udayan Mukherjee's analysis on CNBC-TV18. Also watch the accompanying video.

Positive end to series?

It's been a good series for the market and we have done quite well and there is no reason why we shouldn't close around the current level. The only wrinkle we are seeing in the last few sessions is that the Asian markets are looking curiously tired and they are just not picking up any of the good cues. However the good technical situation is that today the US markets are shut overnight and tomorrow there will be no cues - good or bad - from the US and you will start your new series tomorrow without any cues from the US market.

That could be the cue for a lot of traders to try and trade the market higher today that knowing that they will not be surprised by any kind of a bad move, so it's possible that today is always difficult to call but it's possible that over the next couple of days, the markets might actually head higher.