Anand Rathi: Adopt wait and watch approach

According to Anand Rathi Securities, with the FIIs showing signs of profit booking, indicated by their selling figure of Rs 222 crore and with new settlement to start today, we might see lot of speculative build
up of positions.

We have to wait and watch how market behaves, with addition of new positions. Moreover, both the short term indicators show that we might see some profit booking if market does not sustain.

A lot of profit booking and roll over is affecting the market, today being the first day of settlement. There has been below average roll over in Nifty, whereas stock roll over has been as per average volatility.

But with the start of a new settlement, we have to closely watch how new positions are being added before suggesting a directional call.