It was a 'peaceful' expiry with no danger at either bull or bear camp. Both 5200 call and put writers got enough time to book their profits.Nifty is really trying for a recovery but lack of good news from the domestic front is still a concern for the momentum on the upside. As said in the earlier post SBI, ABAN, Bank of india were on sellers radar and we could see some short covering happening in ACC and l& t. Volatility index would be the real danger for nifty in the coming series as it is making new lows every day and the volatility of puts are getting lower every day. These kind of scenario's are very rare at the bottom and option premiums are still cheaper. We could see sharp whipsaws in the may series and would definitely be a traders market. April would have been one of the toughest months for equity and futures traders and it was a superb one for options writers due to the tight range. Some of the stocks are trying for a short covering rally but major banking stocks are making new lows which would remain as a worry. Thus a short covering rally can be expected only above 5260 / 5270 levels (as per April futures it was 5240 as said in the previous posts.)We could see some huge addition of volume in 4900 put and the picture would be clear only if it gives a bigger move.Lets keep a range of 5150 - 5260.
Sun pharma
Short covering possible
Bombay dyeing, Bharat forge, IDBI, Kotak bank
Negative bias (below previous low )
Jsw steel , Canara bank, Sail , NTPC
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