The market continued to be lacklustre on April 27 morning amid mixed earnings performance by Indian companies. At 10.20 am, the equity benchmark Nifty was traded 27 points, or 0.15 percent, higher at 17,840.30.
Traders and analysts expect volatility to continue, given the monthly expiry of futures and options contracts later in the day, but they do see some positivity seeping in gradually.
On weekly expiry, at intraday level, 17,800 strikes have seen most put writing, signalling that traders are seeing support at this level. On the other hand, 17,850 has seen both call and put writing, indicating that some traders have taken neutral trades at this level.
“The outlook is bullish,” said Rajesh Sriwastava, a Bengaluru-based trader, who has taken long positions.
The market has been trying to move higher in the last few days but a lack of strong triggers has kept it subdued.
“Volatility expectations have gone up, albeit mildly, as we are poised to trade at levels not seen since early March, with a favoured view expecting bears to regroup once inside the 17,840-976 region,” said Anand James, Chief Market Strategist at Geojit Financial Services.
“However, the trend-following approach favours 18,300, should we see a close above 17,900 or an outright breach of 17,976. Expect early dips to be bought, but while positive vibes may diminish if below 17,780-65 region, there is no reason yet to expect collapse for the day.”
Midcap IT stocks such as L&T Tech Services, Persistent Systems and LTIMindtree were on the bull’s radar. City Union Bank, Syngene International and RBL Bank, too, were seeing a long buildup.
Godrej Properties, which is planning to buy the consumer business of Raymond, saw a short buildup as traders took bearish positions. HDFC Life and Ipca labs also saw a short buildup.
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