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Sensex: Gold: Rs.29630.00
Nifty: 10817 +28.50 Silver: Rs.38972.00
Derivatives Idea: Buy South Bank and BPCL - IndiaNotes.com
Derivatives Idea: Buy South Bank and BPCL
Way2wealth | Published: 09 Jan, 2018  | Source : IndiaNotes.com

Indian  markets  continued  their  upwards  streak  and  close  above  10600 levels for the first time. Short unwinding coupled with fresh buying interest was seen in technology, pharma, nbfc, capital good and power sector that helped nifty to close at day’s high level of 10624 with gains of almost 65 points.


  •  Long  accumulation  as  seen  in  all  the  major  indices  in  yesterday session. Nifty fut. added almost 10.40 lakh shares whereas premium

  • reduced to 8 points from 15 a day before.

  • Unwinding of short positions was seen in infra, pharma, power, nbfc and  technology  sector.  Major  covering  was  seen  in  stocks  like

  • jindalstel, torntpower, lupin, mcx, icil and m&mfin.

  • Fresh buying positions were initiated in stocks like mindtree, sreinfra, mrpl, wockpharma, relcapital and Idfcbank.

  • Selected short buildup was seen in stocks like bhartiartl, escorts, idea, castrol, voltas and indiacem.


Markets are expected to open on positive note in today’s session and will continue  to  see  buying  support  at  lower  levels.  On  higher  side  nifty  will see  minor  resistance  around  10660-10680  and  from  those  levels  profit booking can be seen. However, overall sentiment remains bullish and any dips  towards  10550-10500  levels  can  be  used  to  initiate  fresh  long positions.


Recommendation

Script             Action     Initiation         Target      SL

SOUTHBANK   BUY      Around 33.60      35.20       32.95

BPCL               BUY      Around 496         512         485

  Read full report Click here to read the full report


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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.