Anand Rathi - Daily Strategist - Mar 15

The NIFTY futures saw a rise in OI 8.12% with prices down by indicating that 4.24%as bears took charge as market opened with gap which forced bulls to run for cover their positions as market tanked looking at global clues We feel that till the market doesn't sustains above 3750 levels we may not see aggressive short covering and fresh money coming in the market .The nifty futures discount increased aggressively as short positions along with huge fresh selling happened The FIIs were sellers in the futures to the tune of 1281 crs .The PCR has come down from 1.07 to 0.91 levels indicating support in the falling market .The volatility has come up to 33.80 from 28.80 levels indicating the panic in the market.

Among the Big guns, ONGC saw gained OI to the tune of 7.74% with prices coming down by 3.20% indicating short positions again built with huge selling of long liquidations whereas RELIANCE saw gain of OI to the tune of 0.09 % with prices coming down by 3.03 % indicating that the counter saw lot of fresh selling in the market.
On the TECH front, TCS, SATYAM, WIPRO saw RISE of OI with sharp drop in prices indicating lot of short positions being built seen in these counters performing in line with market whereas INFOSYS saw with fall in price indicating lot of fresh selling in the counter.

The BANKING counters saw OI increase with prices in most of the stocks in the negative as finally bears were on a rampage ir-respective of whether P.S.U'S or P.V.T banks. Either we saw short positions being built or longs being squared in the rest apart from genuine selling in most of the stocks.

The metals across the board TATASTEEL, SAIL ,JSWTEEL , HINDALCO Saw rise in OI with price fall indicating that their was just carnage in the sector indicating weakness in the counters .

Considering the overall scenario and the markets crash the market may move further down today and we would see bulls running for cover if the market sustains below the critical level .Traders are advised not to go long on the market as we maintained yesterday and any position taken today should be with strict stop losses to be adhered too.

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