Taking clues from strong global markets, domestic bourses opened on positive note but on higher side nifty failed to breach 10500 levels. From those levels long unwinding coupled with short accumulation was seen in banking, oil&gas and auto sector that dragged nifty in negative zone and finally closed on flat note with gain of 1 point.
- Fresh short accumulation was seen in Nifty and bank nifty fut. whereas nifty It fut. saw long unwinding pressure in yesterday’s trade. Nift fut. added almost 8 lakh shares
- Long positions were initiated in midcap sector and stocks like jet airways, bata, ofss, adanient, tatachem and ujjivan.
- Long unwinding pressure was seen in auto, infra, telecom and metal sector. Major profit booking was seen in stocks like rcom, Suzlon, tatamotors, bharatfin, tvsmotor and glenmark.
- Hcc, rnaval, dcbbank, bpcl, hdfcbank and mothersumi were some of the stocks that saw short buildup.
Domestic bourses are expected to open with minor positive gap in today’s session but on higher side nifty will continue to see profit booking around 10500-10540 levels. Overall, markets are stuck in broad range of 10400- 10550 levels and breakout from this range will further set the direction for indices in short term. Maximum put writing has been seen around 10400 and 10300 and that will act as strong support.
Script Action Initiation Target SL
APOLLOTYRE BUY Around 270 277 267
TATACOMM SELL Below 669 658 675
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