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Sensex: 33844.9 +141.30 Gold: Rs.30456.00
Nifty: 10397.5 +37.10 Silver: Rs.38195.00
Derivatives: Buy Arvind, Sell Axis Bank - IndiaNotes.com
Derivatives: Buy Arvind, Sell Axis Bank
Way2wealth | Published: 24 Jan, 2018  | Source : IndiaNotes.com

Bull run continued in Indian markets and broader indices closed at records high where Nifty closed above 11000 and Sensex closed above 36000 levels for first time. Fresh buying interest was seen in banking, technology, pharma and metal sector that helped nifty to close at day’s high level of 11083 up by almost 118 points.


- Fresh buying interest was seen in all the major indices in yesterday’s session. Nifty fut. added almost 11 lakh shares in OI and Feb fut. closed at 25 points premium.


- Short covering pressure was seen in capital goods, metal, realty and oil&gas sector. Major unwinding was seen in stocks like escorts, niittech, petronet sail, dlf and andhrabank.


- Long accumulation was seen in banking, infra, power and power sector. Stocks like jisljaleqs, gmrinfra, hindzinc, pnb, syndibank and dishtv added fresh longs.


- Torntpower, pidilitind, zee, canfinhome, eichermotor and apollohosp saw short buildup.


After yesterday’s sharp rally, today markets are expected to open on flat to minor positive note but on higher side nifty will see immediate resistance around 11100-11150 levels and from those levels minor profit booking can be seen. However, overall momentum remains strong and any dip towards 11000-10950 can be used to accumulate fresh longs.


Recommendation


Script                Action         Initiation     Target         SL


AXISBANK         SELL         Around 622     595         635

ARVIND             BUY          Around 456     469         450

  Read full report Click here to read the full report


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.