On back of strong global markets and fresh buying interest in banking, nbfc, cement, capital goods and infra sector yesterday Indian bourses continued their upward journey and test 10780 levels. Minor profit booking was seen from higher levels in second half of session that shed some of the gains, but nifty finally closed around 10741 levels up by almost 60 points.
- Long accumulation was seen in bank nifty and nifty fut. whereas Nifty It saw short buildup from higher levels. Banknifty fut. added almost 18% shares in OI whereas nifty saw addition of 10.20 lakh shares.
- Short unwinding pressure was seen in infra, power, cement and capital good sector. Major covering was seen in socks like havells, powergrid, gmrinfra, hdil, shreecem and unionbank.
- Fresh buying positions were initiated in banking, nbfc and chemical sector. Stocks like pcjeweller, hdfc, kotakbank, chennpetro, exide and icicibank added fresh longs.
- Mfsl, heromotoco, eichermot, bajajfin, idfc and tatamtrdvr saw selling in Monday’s trade.
After yesterday’s upmove, today indices are expected to open on flat to positive note but on higher side will continue to see resistance around 10760-10780 levels. From those levels, profit booking can be seen that can drag nifty towards 10640-10600 levels in short term. However, overall momentum remains strong and any correction to those levels can be used to accumulate fresh longs.
Script Action Initiation Target SL
KOTAKBANK BUY Around 1030 1055 1018
AMBUJACEM BUY Above 280 289 275
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