Morning update on 26 aug 09

As expected, dow from a 110 point + at one time, corrected gradually after the closure of +ve european markets to finally close 30 point up with more important s&p500 gradually inching up to 1028. European markets were up from 1% to .4% with uk ftse closing at.4%. Brazil closed in the red with .6%-ve. Asian markets having fallen on tuesday due to china effect, have opened mixed to mildly weaker & may close flat to mixed for the day again with a -ve bias.

For indian markets, expect a flat to milder opening in line with asian markets. With thursdays expiry considerations coming into play today, it may again be a volatile day. Although technically the markets look extremely strong to go further up from here, expiry considerations and influence of asian markets may delay the up move to either post expiry or may be towards early september. So one can expect a volatile but range bound market within the range of 4600 to 4700 till expiry.

Traders are advised to accumulate long positions in september series on every decline of nifty towards 4600 or lower levels as there are every indication of nifty moving up towards 5000 levels in september.