Taking clues from strong global bourses and short covering in heavy weight stocks, Indian markets opened on positive note and continued to inch upwards. Fresh long accumulation coupled with short unwinding was seen in private banking, metal, nbfc, pharma and auto sector that helped nifty to closed above 10500 levels with gains of almost 85 points.
- Fresh long buildup was seen in nifty fut. in Monday’s trade whereas Nifty It fut. saw short accumulation. Nifty fut. closed at 4 points premium and added almost 12.25 lakh shares in OI.
- Short unwinding pullback was seen in infra, power, realty, capital goods and tyre sector. Major covering was seen in stocks like canfinhome, infibeam, divislab, cholafin pcjeweller and hdil.
- Fresh buying interest was seen in stocks like nestle, bankbaroda, idbi, cadilahc, amarajabat and britannia.
- Hexaware, bpcl, sbin, muthootfin, escorts and fortis were some of the stocks that saw short buildup.
Markets are expected to open on flat note in today session and will continue to see stiff resistance around 10540-10580 levels. Overall, markets outlook for short term looks weak and pullback towards 10600 levels can be used to exit from trading long positions and initiate fresh shorts. On lower side nifty will find strong support around 10300 and below that can correct till 10120-10040 levels.
Script Action Initiation Target SL
WIPRO BUY Around 289 302 284
DISHTV BUY Around 75 82 71.80
Click here to read the full report
Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.
For more information please write in to email@example.com
Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.