The Indian market opens for trade the first day of the week on a flat-to-negative note following disappointing RIL results announced on Friday. On Friday, the US markets ended higher with the Dow up 96 while most of Asia is shut today. Sensex is trading at 16721, down 17 points from its previous close, and Nifty is at 5042, down 6 points. CNX Midcap index is up 0.8% and BSE Smallcap index is up 0.1%. The market breadth is positive with advances at 277 against declines of 216 on the NSE.
The pre-opening session of the market begins with the Nifty and Sensex indicating a negative start today. The SGX Nifty is at 5063, up 4 points. Normal trading will start at 9.15 am.
Sell RIL which is likely to fall below Rs 750.
Sell Hexaware with a target of Rs 73 and stop loss of Rs 83.
The bias for the next three trading sessions would not be long. I would take short positions by bying Puts, he adds.