Benchmark
indices opened on a cautious note on Monday, tracking mixed cues from other
Asian markets. The sentiment remained tepid amid concerns over a likely
escalation in US-China trade war and its impact of trade globally.
Market-expanded rollovers till Friday erect at 21 per cent
compared to the regular rollovers of 23 per cent (last three series). Nifty
futures rollover till last week at 23 per cent too was lower than moderate rollovers
of 25 per cent of last three series.
“It may be time start looking at buying the dip
now as we feel one of the reasons of the current sell off, the LTCG selling
will come to end with March. The level of 9,920 in the Nifty marks the 38.2 per
cent retracement of the Nifty’s gains post demonetization. The 9,800-9,000 zone
is strong support zone to start buying for long term,” HDFC Securities said in
a note.
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