Last week, Indian markets continued their northward journey and rallied by another 1.61% on weekly basis. In Thursday’s trade, indices opened on positive note but saw profit booking that dragged nifty towards 11000 levels. However, from those levels pullback was seen in last hour of session that helped nifty to recover some of the early losses and finally nifty closed around 11069 levels down by 16 points.
- Nifty fut. added long positions from lower levels in last trading session. Rollovers in nifty and bank nifty fut. were less than last expiry and 60% and 66% positions got rolled in Feb series respectively.
- Profit booking pressure was seen in technology, infra, fmcg and banking sector. Major unwinding was seen in stocks like m&mfin, gmrinfra, biocon, amarajabat, jublfoods and biocon.
- Fresh long positions were initiated in stocks like niittech, coalindia, adanient, escorts, gail and icicibank.
- Srf, ajantpharm, upl, marico, orientbank and mothersumi were some of the stocks that added short positions.
On back of strong global cues, February series is expected to open on positive note but will be quite volatile ahead of Union Budget scheduled on 1st Feb. On lower side, maximum put writing has been seen at 10800 levels and that will act as strong support zone for indices. Overall, market outlook remains bullish and any correction towards those levels can be used to accumulate fresh longs.
Script Action Initiation Target SL
UPL BUY Around 774 805 762
DABUR SELL Below 353 345 358.20
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