Domestic bourses opened on positive note in yesterday’s session but thereafter nifty continued to trade in narrow band of 30 points with no clear direction. From higher levels, profit booking was seen in banking, telecom, auto and capital goods sector that kept indices under pressure. However, pullback in last hour of trades helped nifty to close around 10637 with gains of 13 points.
- Nifty fut. saw long accumulation whereas bank nifty fut. added fresh short positions in yesterday’s session.
- From higher levels profit booking pressure was seen in banking, auto pharma and telecom sector Major unwinding were seen in stocks like niittech, jet, wockpharma, ifci, rcom and jindalstel.
- Pcjeweller, ceat, ncc, chennaipetro, bergepaint and dcbbank were some of the selected stocks that saw long buildup.
- Short positions were initiated in stocks like balkrisind, pageind, nmdc, rpower, zee and havells.
Markets are expected to open on flat note in today’s session and thereafter will trade in narrow band of 10610-10660 levels. On higher side, nifty will see minor resistance around 10660-10680 and from those levels profit booking can be seen. However, overall sentiment remains bullish and any dips towards 10550-10500 levels can be used to initiate fresh long positions.
Script Action Initiation Target SL
IGL SELL Around 326 314 330
ASAINPAINT BUY Above 1200 1233 1185
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