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.
Script Action Initiation Target SL
AUROPHARMA SELL Around 605 570 624
TATACOMM BUY Around 605 634 588
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