No more smooth-sailing for mkt due to volatility: Udayan

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The Nifty has made repeated forays towards that 5400 mark today, met with resistance and come back, so it's been a very volatile day, says CNBC-TV18's managing editor Udayan Mukherjee. The market is holding up, but it's not smooth sailing any longer because you are seeing lots of give and take during the course of the day.

It is the broader market that has been very smart; lots of midcaps and smallcaps have done well as we await the verdict on Greece. Europe for the moment is holding up pretty okay which should be giving us some confidence that maybe later in the evening a deal would be announced on Greece.

The kind of volatility that we have seen is mostly about Greece. Yesterday we saw a little bit of a slip, not remarkable but we did go to 5400 in the morning and come down to 5330. Today we attempted that, but we have become very volatile once again. Ont he flip side, Europe is not volatile at all and has actually been pretty steady for the last few minutes. That is where the epicenter of the Greek problem is, so I don't know whether it is just Greece on which the edginess is creeping in or generally the market is becoming a little volatile. The thing is that now there are two views out there, bulls and bears who now believe that the market should at least pause and consolidate before heading higher.

But the outcome finally will depend on global flows. If we do get good news from Greece later this evening, which is not unlikely, every possibility that even if we don't make it today, we make 5400 tomorrow.

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