Market heading down, expect expiry at 4600: Emkay Global

The market is expiring today. The session has been far too volatile and the indices are tending towards the downside. Sandeep Singal of Emkay Global Financial Services joins CNBC-TV18 to give his outlook of the market today.

Below is the edited transcript of the interview. Also watch the accompanying video. Q: What is the trend that you are getting for the next series, given the way this series has shaped up and how do you think expiry might pan out?
A: All the cues that we are getting from clients today is mostly that those who are holding arbitrage position from offshore books, they have seen very high cost of borrowing and market is not giving them an opportunity to roll their arbitrage positions at the desired level. They are looking for 85-90 bps kind of moves and cost of carry for next month. Because of that, it looks like they are preparing to unwind their arbitrage position and my sense is that there could be very heavy broad-based selling because most of these people will be forced to liquidate their arbitrage positions. So that is purely from today