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.
Script Action Initiation Target SL
VGUARD BUY Around 229 237 226
LUPIN BUY Around 884 902 875
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