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Derivatives: Sell HCL tech, Buy Dish TV - IndiaNotes.com
Derivatives: Sell HCL tech, Buy Dish TV
Way2wealth | Published: 07 Feb, 2018  | Source : IndiaNotes.com

Taking clues from weak global markets, domestic indices opened with negative gap of more than 3% in yesterday’s session and on lower side nifty tested 10300 levels. However, from those levels short unwinding pullback was seen across the board that helped indices to recover some of the early losses and close around 10498 levels with loss of almost 168 points.


- From lower levels, short unwinding was seen in nifty and bank nifty fut. whereas Nifty IT fut saw profit booking from higher levels.


- Fresh short positions were added in auto, cement and pharma sector. Major addition was seen in stocks like grasim, sreinfra, icicipruli, jisljaleqs, tatamotors and lupin.


- Long unwinding pressure was seen across the board and overall stock fut shed more than 9.50 Cr. shares in OI. Major booking was seen in stocks like ubl, torntpower, tataelxsi, beml, biocon and pcjeweller.


- Mindtree, escorts, srtransfin, jet airways, oil and ramcocem were some of the selected stocks that saw long buildup.


After last 3 days of sharp correction, today markets will open on positive note on back of strong global indices but on higher side nifty will continue to see stiff resistance around 10640-10680 levels. For short term markets momentum looks weak and this pullback can be used to exit from trading long position and initiating fresh shorts. On lower side close below 10500 can trigger another downward move than can drag nifty towards 10300- 10150 levels in short term.


Recommendation


Script               Action         Initiation          Target         SL


HCLTECH         SELL            Around 966     940         978

DISHTV            BUY             Around 73       80           70

  Read full report Click here to read the full report


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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.

 

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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.