There is a nursery rhyme that goes ‘Round and Round the Mulberry bush’ and right now the market kind of feels that way. We move up a bit and then move down a bit and then keep doing that sequence. Yesterday was up and it looks like today may be a day for down. Data is also flowing that way. Our inflation was down but now US inflation is up. Rate cut likely, rate cut not likely is another swivelling pendulum in the US. Quarterly number flows have not really taken center stage to dislodge US based news from mindset of traders and so continues to influence the sentiment.

The Nifty defended the 25000 levels. Put shorts continue there so that defending is expected to continue. Along side Call writers also continue, thus putting up a range. Bank Nifty holds its levels too. All of us are splitting hairs about this small 300 point range in the indices with various people having more or less the same supports and resistance levels. Small range traders are tasting success while those that are looking for something larger are tasting defeats. Moral is: market is interested right now in being choppy across a smaller range and so restrict yourself to quick turnover trades.

Insurance company results yesterday were palatable. Hdfc Life should look up as its chart positioning is positive. SBI Life trends- stalled for a day, perhaps waiting for these leaders to report- may pick up again. PVR Inox has some adverse news (restriction of ticket prices in Karnataka) and that may have some pressure on the prices. A consolidation is going on in the charts and that may see a down break, perhaps. Newspaper reports that cement units may report much better results for the quarter could keep stocks from that sector active. Today’s results include TechM (already peeling back, so seems like lowered expectation) and Angel One (near supports, so can rally if numbers are good). Non Fno stock ITC Hotel results due today. Prices had already hit a resistance Gann angle earlier at 235. So susceptible to declines if numbers are soft. Travel company Ixigo can be watched and if numbers can push prices above 185, then better tidings can ensue.

Gift Nifty is showing weak in the morning but this seems to be in response to global factors. How much into the session it will sustain is quite debatable. I fell supports will hold. Hence, dip buys can be attempted. Enough stocks in play as well so attention there too. .