The market has turned extremely volatile ahead of the futures and options (F&O) expiry. Hemant Thukral of Aditya Birla Money attributes yesterday's fall to rollover pressures. "Very clearly, the rollovers picked up and lot of positions got squared off on the long side. No major fresh shorts were created." He said people were sitting with too much long positions and booked profits the moment first correction came in. He sees continuation of the selling pressure due to outstanding long positions. Thukral says March series rollovers are happening on the long side. The rollover cost is still very bullish, and there isn't any danger in the March series right now.
Speaking about the sharp decline yesterday, Abhijit Paul, technical analyst at Brics Securities said the everybody was waiting for a correction after a seven-week rally, but nobody expected largecap banking stock like SBI to fall 8% in a single day. "My sense is that we are going to drift a little further down probably for a test of 5400 on the down side, that
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