Contact Us | Log In
Search
Sensex: 33844.9 +141.30 Gold: Rs.30456.00
Nifty: 10397.5 +37.10 Silver: Rs.38195.00
Derivatives: Sell Aurobindo Pharma, Buy Tata Communications - IndiaNotes.com
Derivatives: Sell Aurobindo Pharma, Buy Tata Communications
Way2wealth | Published: 05 Feb, 2018  | Source : IndiaNotes.com

Last week, Indian bourses opened on positive note but nervousness was clearly visible at higher levels ahead of Union Budget. In Thursdays session high volatility was seen amid budget presentation but in Fridays trade heavy selling pressure was seen across the board that dragged nifty below 10800 levels and finally it closed at days low level of 10760 down by almost 2.80% on weekly basis.


- Long unwinding pressure was seen in all the major indices in Fridays trade. Nifty fut. shed almost 10 lakh shares in OI and closed at 5 points discount as compared to15 points premium a day before.


- Profit booking was seen across the board and overall stock fut. shed almost 11.25 Cr. shares in OI. Major unwinding was seen in stocks like cholafin, jisljaleqs, apollotyre, amarajabat, mrf and havells.


- Fresh short accumulation was seen in realty sector and stocks like pvr, siemens, mothersumi, hdil, cummins and ceat.


- Selected buying interest was seen in technology sector and stocks like mfsl, glenmark, hcltech, torntpharm and tcs.


Taking clues from last week domestic sharp correction and weak global cues, this week domestic indices will open with negative gap of approx. 1% and thereafter will continue to see selling pressure at any intraday pullback. On lower side, put writing at 10500 will act as strong support for indices and from those levels pullback can be seen but in short term outlook remains week and any pullback can be used to initiate fresh shorts.


Recommendation


Script                    Action         Initiation      Target         SL


AUROPHARMA     SELL         Around 605         570         624

TATACOMM           BUY          Around 605         634         588

  Read full report Click here to read the full report


About Way2wealth

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 editor@indianotes.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.