14:26
Moneycontrol BureauLive Market Commentary
The market is lacklustre in afternoon trade today as traders are cautious ahead of ahead of expiry of November derivatives contracts on Thursday.
The Sensex is down 23.71 points at 20,401.31, and the Nifty is down 12.40 points at 6,046.70. About 951 shares have advanced while 1295 shares declined on the BSE.
The market is likely to see downward pressure in tomorrow's expiry, says Yogesh Radke, Head of Quantitative Research at Edelweiss Securities. He expects it to continue in the December series as well.
According to him, if the Nifty breaks 6000 levels, it can touch 5,850 level and perhaps fall further to 5,750 level, depending on the outcome of the state elections. He says, at the moment, the market is seeing only short-side aggression. "We are finding short side aggression to get rolled and that is the reason we are seeing some amount of lackluster rollovers in Bank Nifty," Radke told CNBC-TV18.
Meanwhile, the rupee gained 25 paise to 62.25 against the US dollar.
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