Indian markets opened up strong, Remained in the positive zone for most of the day, but had to bear the heat on the last day of the F&O expiry. Indices slipped down from its early gains to the negative zone. Indices ended its show by closing down by nearly a percent. Nifty once again closed down below 4250 levels. Major sell off in the frontline stocks spoiled the party. There was major selling in the counters like NTPC, ONGC by many Index based funds. From Friday 26th June 2009, NSE Nifty will be using Free Float methodology which will bring the weightage of these stocks. ONGC and NTPC witnessed continous selling pressure since the mkts started. In the last last Half hour, there was huge buying in the ONGC that pulled back the Sensex which had lost around 160 points in the end. Nifty has a good support at 4200 levels. Acc. to me for the time being the Nifty should not go below the same. Nifty should close above 4315-4325 levels for the upward move. If tom also Nifty closes below then Nifty may come doen to 4169 levels. Turnover for the day was Rs 96000 Cr just from the F&O segment, NSE Cash segment contributed around Rs23500 CR, and the remaining Rs 4600 Cr came from BSE segment. US markets closed flat, Asian markets gained nearly 2- 2.5%.
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