Support seen emerging at 4800-4820 for market: IIFL

The futures and options space saw a sudden drop in sentiment at the Indian bourses, in spite of Europe and US staying adrift. Ashish Chaturmuhta, vice-president, Derivates and Technical, at IIFL Private Wealth Management joins CNBC-TV18 to provide insight on the F&O moves and mood in the market.

He says that 4800-4820 is emerging as major support level for the Nifty, with an expiry around 4850-4880 levels. "The counters of Dish TV and Hindustan Lever have been buzzing and there is a lot of upside in the stocks," Chaturmuhta says adding, "the technology pack, however, could give the Nifty quite some blow." Below is the edited transcript of the interview. Also watch the accompanying video. Q: Considering the sentiment drop, are there any negative factors building up in the F&O space?
A: If you look at the broader index weight counters, we are seeing that there is lot of selling pressure and shorts getting built, especially at counters like Maruti, State Bank or Axis Bank. If you talk about Nifty too, around 4,930-4,940, most of the people tried to put their short at that point of time, but option distribution is suggesting that we need a strong support around 4,800 levels. There