Indices opened on flat note in yesterday’s session and saw profit booking in first half of trades that dragged nifty below 10600 levels. However, strong buying was seen in technology and pharma sector that helped nifty to recover all the early losses and finally it closed around 10630 levels down by minor loss of 5 points.
- Nifty fut. saw buying interest from lower levels and added almost 9.35 lakh shares in OI whereas Banknifty fut. saw long unwinding pressure in Wednesday’s trade.
- Fresh long positions were initiated in technology and pharma sector. Major buying interest was seen in stocks like niittech, ofss, tataelxsi, concor, tcs and oil.
- Long unwinding pressure was seen in auto, infra, textile, tyre and realty sector. Stocks like idbi, dcbbank, relcapital, escorts, mrf and raymond saw profit booking.
- Short accumulation was seen in banking, power and metal sector. Pageind, bergepaint, muthootfin, bankindia, eichermot and cholafin were some of the stocks that added short positions.
Markets are expected to open on flat note and will continue trade in narrow band of 10550-10660 levels. On higher side, nifty will see resistance around 10660-10680 and from those levels profit booking can be seen whereas on lower side put writing at 10500 will act as strong support for indices in short term.
Script Action Initiation Target SL
BAJAJAUTO SELL Around 3225 3154 3260
CANFINHOME BUY Above 486 505 475
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