Indian markets continued to test new highs last week and rallied by almost 2%. In Fridays session, Indices opened on positive note and rallied towards 10800 levels on back of short covering coupled with fresh buying in banking, technology and pharma sector that helped nifty to breach 10900 levels and close around 10895 with gains of 77 points.
- Fresh long positions were initiated in nifty and banknifty fut. whereas nifty IT saw short covering in Friday’s session. Nifty fut. added almost 4.50 lakh shares and closed at 7 points premium.
- From lower levels, short covering pullback was seen in banking, infra, fmcg, oil&gas and realty sector. Major unwinding was seen in stocks like torntpower, voltas, canbk, bankindia, adaniport and jisljaleqs.
- Long accumulation was seen in pharma and private banking sector. Stocks like niittech, icicipruli, jublfoods, biocon, jpassociate and repcohome added fresh longs.
- M&Mfin, jindalstel, hindzinc, maruti, irb and dalmiabhar were some of the stocks that added short positions.
After last week sharp rally, this week broader indices are expected to open on flat note but will continue to see buying support at lower levels. On higher side, nifty will face stiff resistance around 11000 levels and around those levels profit booking is advisable in trading long positions. However, overall momentum remains bullish and correction towards 10840-10780 can be used as buying opportunity.
Script Action Initiation Target SL
UPL BUY Around 802 830 790
MARUTI SELL Around 9335 9150 9420
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