| F&O Outlook: Buying seen at lower levels |
| B G Shirsat / Mumbai March 11, 2008 |
| The strong recovery by the benchmark indices from their immediate support levels of 15,300 (Sensex) and 4,600 (Nifty) indicate the emergence of buying at lower levels. According to technical analysts, the near-term bottom is not far away. The benchmarks recouped four per cent from the intra-day lows on short covering and fresh long positions in key index stocks. The Nifty March futures were up by a per cent on closing basis and over four per cent from intra lows. The open interest decreased by 0.61 per cent and the discount narrowed from 45 points on Friday to 16 points. Out of the Nifty stocks, seven recovered by 10-20 per cent and 20 rose by 5-10 per cent from their intra-day lows. Dr Reddy |
