Anand Rathi: Undertone still bullish

According to Anand Rathi Securities, with the short term indicator - implied volatility - remaining unchanged at 27 levels and the historical volatility coming down, it indicates that the market under tone
is bullish.

Roll over till date is as per average of 47% and we have to keenly watch the Roll over activity effect before expiry. Lot of profit booking has been emerging at higher levels, indicated by the fact that out of 119 stocks, only 39 managed to add some OI.

But Roll over is taking place on average lines and market is still holding up.

Also, short term indicators are still holding positive pointing to a
positive closing for this expiry.

Technically, one may use the level of 3400 (Nifty) and 11650 (Sensex) as the stop loss levels. Nifty faces resistance at 3525 and Sensex at 11850.