Indices opened on flat note in yesterday’s session and thereafter continued to trade in narrow band of 10-15 points for most part of the day with no clear direction. However, in last hour of trades long unwinding coupled with fresh short positions were added in realty, technology, banking and metal sector that dragged nifty below 10450 and finally it closed at day’s low level of 10435 down by 95 points.
From higher levels, long unwinding was seen in nifty and NiftyIT fut. whereas banknifty fut. added fresh short positions. Nifty fut. shed
almost 7 lakh shares in OI whereas premium increased to 63 points from 27 a day before.
Long accumulation was seen in stocks like tatapower, rnaval, pcjeweller, relinfra, relcapital and jet airway.
Profit booking pressure was seen in realty, cement, banking and nbfc sector. Hdil, jpassociate, vguard, torntpharm, idea and ujjivan saw unwinding in Mondays trade.
Bajfinance, adaniport, hdfc, ambujacem, sbin and ongc added short positions.
After yesterday’s sharp correction, today markets are expected to open on flat to positive note but on higher side will continue to see resistance around 10500-10550 levels. Overall, markets are stuck in broad range of 10350-10550 levels and any breakout from this range on either side will further set the direction of indices in short term.
Script Action Initiation Target SL
NTPC BUY Above 178 182.40 175.50
SBIN SELL Below 308 300 313
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