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.
Script Action Initiation Target SL
SOUTHBANK BUY Around 33.60 35.20 32.95
BPCL BUY Around 496 512 485
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