Nifty opened on positive note in yesterday’s session and thereafter continued to trade in narrow band with no clear direction. However, in second half of trade volatility increased and nifty test 10530 level but once again failed to sustain and in last hour of session profit booking was seen across the board that dragged nifty below 10500 and finally index closed at day’s low level of 10478 down by 13 points.
- From higher levels short positions were initiated in nifty fut. whereas banknifty fut. saw long unwinding pressure. Rollovers in Nifty and banknifty were higher than last series and approx. 62% and 72% positions got rolled in Jan series respectively.
- Fresh long positions were added in stocks like oil, niittech, hindalco, icil, mcdowells and escorts
- Profit booking pressure was seen in stocks like voltas, tv18, bankindia, pidilitind, indigo and tatachem.
- Fresh short accumulation was seen in banking sector and stocks like canfinhome, repcohome, hcc, bel, canbk and adaniport.
Markets expected to open on subdued note in today’s session and thereafter will continue to trade in narrow band with no clear direction. On higher side nifty will see stiff resistance around 10600-10700 levels and any pullback to those levels can be used to book profit in trading long positions whereas on lower side put writing at 10400-10300 strike option will act as strong support in short to medium term perspective.
Script Action Initiation Target SL
HDIL BUY Around 58.50 61.50 57.20
CANFINHOME SELL Around 484 470 493
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