Last week, Indian bourses opened on positive note and tested new highs in Tuesdays session. However, from higher levels minor profit booking was seen in mid half of week amid F&O expiry. On Fridays fresh buying coupled with short covering in telecom, auto, infra, pharma and cement sector that helped nifty to close at all time high level of 10530 up by almost 0.36% on weekly basis.
- Fresh long accumulation was seen in nifty and Nifty IT fut. whereas bank nifty fut. saw short covering from lower levels. Nifty fut. added almost 10.40 lakh shares in OI whereas premium reduced to 4 points from 18 points a day before.
- Short unwinding pullback was seen in stocks like escorts, nestle, infratel, grasim, torntpharm and dabur.
- Long positions were initiated in infra, telecom, auto and capital good sector. Major buying was seen in stocks like hdil, rcom, jpassociate, wockpharma, tataelxsi and idea.
This week markets are expected to open on subdued note on back of weak global cues but on lower side nifty will see strong buying support around 10480-10440 levels and from those levels pullback is expected. However, on higher side upside seems to be limited from current levels and call writing at 10600-10700 will act as stiff resistance for indices in short term.
Script Action Initiation Target SL
ADANIPORT BUY Above 409.50 417 406
CADILAHC BUY Above 438 452 430
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