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Derivatives: Markets can swing on either side on back of Union Budget announcements - IndiaNotes.com
Derivatives: Markets can swing on either side on back of Union Budget announcements
Way2wealth | Published: 01 Feb, 2018  | Source : IndiaNotes.com

Indices opened on negative note in yesterday’s session and thereafter continued to see selling pressure across the board that dragged nifty below 11000 levels in intraday session. However, in last hour of trades sharp pullback was seen in banking sector that helped nifty to recover most of the early losses and finally it closed around 11028 levels down by 22 points.


- From lower levels, short covering pullback was seen in nifty and bank nifty fut. in Wednesdays session. Nifty fut. shed almost 11.20 lakh shares in OI and closed at 28 points premium.


- Long unwinding pressure was seen in capital goods, pharma, cement, technology and tyre sector. Major profit booking was seen in stocks like wockpharma, apollotyre, jublfoods, balkrishna, biocon and kpit.


- Fresh long positions were initiated in private banking sector and stocks like apollohosp, tv18, balramchin, pvr, jswsteel and tatacomm.


- Short accumulation was seen in metal, auto and nbfc sector. Stocks like havells, m&mfin, arvind, escorts, tatasteel and divislab.


On back of strong lobal cues, today domestic markets are expected to open on flat to positive note but thereafter will continue to trade in narrow band in first half of session. In second half of trades, indices will be very volatile and can swing on either side on back of Union Budget announcements. Break below 11000 can drag nifty towards 10840-10760 levels whereas above 11150 levels fresh rally can be seen in indices.


Recommendation


Script               Action         Initiation         Target         SL


VGUARD            BUY         Around 229       237         226

LUPIN                BUY         Around 884       902         875

  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.