Strong global sentiments helped Indian markets to open with positive gap of almost 1% but indices once again failed to sustain at higher levels. Profit booking was clearly visible in heavy weight stocks that kept nifty under pressure and finally it closed at day’s low level of 10476 down by almost 22 points from previous day.
- Fresh short accumulation was seen in banknifty fut. whereas nifty fut. saw profit booking from higher levels. Banknifty fut. added almost 8% shares in OI and closed at 7 points discount.
- Selected short covering was seen in midcap sector and stocks like bel, tataglobal, muthootfin, pvr, apollotyre and hindpetro.
- Short positions were added in banking, cement, metal and technology sector. Major accumulation was seen in stocks like pcjeweller, ofss, ubl, pnb, acc and srtransfin.
- Voltas, dishtv, oil, wockpharma, ntpc and coalindia were some of the stocks that saw long buildup.
Domestic indices are expected to open on positive note in today session but on higher side nifty will continue to see strong supply around 10560- 10620 levels. Heavy call writing has been in last 4-5 trading session around 10600-10700 strike option and that 100 point zone will act as stiff resistance for nifty in short to medium term perspective and any pullback towards those levels can be used to exit from trading long and initiating fresh short with targets of 10400-10250.
Script Action Initiation Target SL
PFC BUY Around 109 113.50 107
SBIN SELL Around 297 288 301
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