Yesterday in morning trades sharp downtick was seen in Nifty that dragged it towards 10670 levels. However, from those levels steady buying coupled with short covering was seen in banking, realty, infra, power and capital good sector that helped indices to recover all the previous day’s losses and close at all time high level of 10788 up by almost 88 points.
- Fresh long positions were initiated in all the major indices in yesterday’s session. Nifty fut. added almost 7.50 lakh shares in OI and closed at 3 points premium.
- Short covering pullback was seen in banking, cement, capital goods, pharma and power sector. Major unwinding was seen in stocks like vguard, orientbank, torntpower, bankindia, indiacem and syndibank.
- Long accumulation was seen in realty and infra sector. Stocks like hdil, indigo, icicibank, gmrinfra, axisbank and ktkbank added fresh longs.
- Stocks like relcapital, chennpetro, muthootfin, godfryphlp, zee and adanipower saw short buildup.
Taking ahead yesterday’s rally, today markets will open on positive note and will continue to see buying interest at lower levels. Nifty has given a breakout from its resistance zone of 10750-10780 levels and short covering can drive nifty towards 10900-11000 levels in short term. On lower side, fresh put writing was seen at 10700-10600 strike options in last trading session and that will act as strong support zone for nifty.
Script Action Initiation Target SL
BAJFINSERV BUY Above 5025 5210 4945
GLENMARK BUY Above 635 652 624
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