Volumes drifting; global mkts wait and watch again

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Greece is still not done and all global markets are just waiting and watching when the deal will be done. One way or the other it is expected to get done today, but markets are in a wait and watch mode once again, reads CNBC-TV18's managing editor Udayan Mukherjee.

Global markets are very quite, volumes have drifted down and we have seen our share of volatility over the last couple of days, but essentially we have been marking time as well. Hopefully, we will hear one way or the other on Greece by tonight.

I don't know how big this event is in material terms, but it has assumed some importance. Unless we get over the hump, global markets do not want to make a move. That is were we are stuck. But, otherwise, we will have to wait for another 24 hours and get this event out of the way. Then the market might just choose to focus on liquidity after that, which still remains quite abundant.

I don't think 5,400 is a level as such, but the market has come a long way and it needs a bit of a more trigger now to carryon at the pace at it has been rising. So, the pause is more on account of that. We could easily get trigger later tonight and the market might clear 5,400 and put on another 100-200 points on the Nifty quite effortlessly.

I don't think the trend is broken, it is merely pausing and consolidating. We are seeing furious sector churn everyday, couple of sectors are moving up and that is typically the sign of market, which has run-up quite a bit and wants to take profits in certain sectors, but yet does not want to give up on that rally. That is pretty much the zone where you see stocks or sectors moving on different sessions, but the market overall not giving up too much ground, so we are in that kind of phase.

I don't know whether there is some trigger which manifest itself over the next couple of days which pushes us into a slightly deeper correction, but for now we are consolidating. Volatility has picked up so something is going to give, either we take out 5,400 tomorrow or we get pecked back into a deeper correction, which might take us down to 5,200 and then we take stock of the situation again.

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