Howare you reading the Nifty’s movement this morning and how will you playthe index?
I think this istypical when you have negative news and you get a collapse worldwide. Wenormally get this knee-jerk reaction followed by a sharp pullback, so I am notsurprised partly on Friday and the follow-up today but I think if I was atrader, at least if I bought on Friday, around these 5000-5050 levels, there isa lot of resistance now, so I at least would book my trading profits if I didanything on Friday and then just sit quiet and let the market settle down, maybe even today or tomorrow and then take a fresh call.
I think that should be idealbecause I do not think these things go away very fast. We get the knee-jerk andthe pullback but then it drifts for sometime, so I think give it a day or two.Otherwise, I think the market is still fairly okay. I am glad we bounced back onFriday because 4900 for me is very crucial level on a closing basis,that’s 4910 is roughly the 50-day exponential moving average, so once itstarts to close below that and it gets a little problematic, so the fact that ithas bounced back above it, I think that’s a good thing that happened onFridayitself.
Nowmarkets are likely to be range bound and what kind of a trading range would yoube watching out at least for the session today and also tell us about the MSCIIndia rejig? We believe that’s going to be active with effect today, itstarts after markets close. How would stocks like HDIL and Suzlon behave afterthey get into the MSCI index?
Since status has beenannounced early on, I think if anybody has a portfolio based on that, a lot ofthe churning must have already happened. I think the interesting thing fromFriday’s move will be particularly Suzlon. I think that surprised quite abit of traders also for that stock to be up 5-6%. 76-76.5 is a crucial level, Ithink if it takes that, although it is not one of my favourites to trade, but Ithink if it does takes that out, the 76 range, then its probably headed towards84-85 but if it even reaches there, then I think that’s a good exit levelfor anybody that is stuck.
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