Daily Call - Dec 31 2008

The markets are likely to open higher but their ability to hold on to their morning gains remains suspect. The rise in the morning will come on the back of a last minute losing of altitude by the indices on Tuesday. This may indeed lead to some short covering. Being the last trading day of the month, quarter and the year, fund managers may resort to some window dressing.



Calls have been written at the 3100 and 3200 levels and Puts at the 2900 level. That sums up the range of immediate interest. The sharp surrendering of gains by reliance towards the fag end Tuesday was a surprise. So keep a watch on the counter, as any downward move after a rise may be initiated by this heavy weight. Small caps will do better today.