Yesterday was expected to be a stock specific day and it was. The indices just moved within narrow bands. Option sellers gave it about half a day before pitching in with their Call writes. A lot of intraday positions were also covered by the end. So it seems that traders are taking a day view only here. That betrays a nervous sentiment, one where adventure is totally absent. We ended the day with 25600Ce and 25300Pe being the new range created by the option traders. BNF was suggesting resistance at 57000 strike because of the decent build up there. It remained steady there all thru the day, indicating that today too hat shall function as a hurdle.

Market starts off soft and is seen hesitating. No shakeout so far and so we can only conclude that the market is waiting for some news. Tariff matter is on 9th but there is some expectations that there may be a sidedeal before that. Trump is making noises but hardly anyone has signed on for the new deals. Is the market not taking him seriously? From prices, it would appear so. US markets hit new highs, we seem to be coasting towards it and the rest of the world is also sanguine about it. Clearly, the markets know more than us at the moment. But for the day, the breadth is leaning negative and that means we go slow on the new longs and protect existing ones. If any longs are not performing then it is best that one books loss in them. FMCG is the only sector performing a bit. Defense stocks are in a mood to react. So, a bit mixed. Stock specific day seems to be looming.

Both indices slipped. But nothing alarming that should get worried. But traders have been used to reacting to 100-point moves all the time, no matter what levels the index may be at! AT 25k on the Nifty, a 100-point move is not really something to fear but should be considered a small elevated move on the norm. That’s all.