Chalk up one more for the sideways market phase. Yesterday we saw BNF being weaker than the NF even though it was NF weekly expiry! Perhaps the Bank stocks were used to push down the Nifty? Or maybe the big players noted that the news of bonus did not really excite the market for Hdfc Bank and with the other majors struggling yet and also considering that both Hdfc and Icici banks have results due out Saturday, this kind of ambivalence is curious and does not bode well for index movements. The results of Axis Bank also did not encourage.
Option traders continue to have a ball but the light weakness in the indices seems to be extending a wee bit so one needs to approach the near term with some caution. As mentioned earlier, the larger trends are still not disturbed. The option trades are all bunching up near the current prices so it seems like options sellers are having to come closer to the money to get their premiums as the Vix stays down and option premiums are still low. That increases the risks in case of a big breakout but that is just the problem- such a breakout is simply not occurring. So, option sellers are chancing their arm- and getting away with it for now. Directional players are biting the dust unless they play for very small margins. So, it is down to stock plays only if one has to make some decent money.

From previously commented stocks, Hdfc Life has tapped into 750 and now we look for revival signal. If seen, then we can partiipate with some small quantity first. Tech M could not work up any froth with its results and was one more nail in the IT coffin. Volume were pretty large in the decline and hence expect mroe weakness here. 1480 is likely. ITC Hotels found takers but finished the day as a Doji candle. Can still expect bulls to make a game of it. Ixigo, highlighted a day earlier of a buy signal was in great form, hitting UC yesterday. This stock should remain in play for a while, I expect.
Polycab came out with good results and we should see gains there. RRKabel already up in yesterday trades and that ought to continue as well. Similarly KEI Industries.
SBI Qip got gobbled up and that ought to be good for the stock. Dips to near 825 should be used to buy.

In today’s results the biggest name of interest is Reliance. No bullish build up here in advance. Even though there is a mild positive expectation from the numbers, market will need a surprise to go up. It is on the edge with 1475 to be kept as a tripping level.

In keeping with the alternating sequence of bullish and bearish days, today may be a day for the bull? GiftNif trading mildly better this morning. Since 25k/56900 continues to hold, the light two-way trading seems set to continue.