Given the exceptional gains in the past few weeks, Indian markets are currently trading in an overbought zone and are due for some Profit Booking.The first sign of profit booking was seen on last Thursday where stock futures shed nearly 1.02 crore shares in open interest. Nifty is likely to see strong support around 3200-3300 levels.
Marketmen are of the view that the quarterly earnings figures and the revenue guidance of IT bellwether Infosys would determine the direction of the market in the second half of this week, which has gained substantially in the past five weeks.
Volatility is likely to heighten, possibly triggering some panic among investors, who are in a dilemma whether to book profits now or hang on till any reversal.
And FInally-The bids received by the board for Satyam are likely to be between Rs 55-65 per share reports CNBC-TV18 quoting NW18 sources
CONCLUSION: Traders and investors can book profits at the current level and wait for 3200-3150 levels to enter into markets again.
