After last 6 days of consecutive fall, yesterday Indian bourses saw upward move and rallied by almost 1%. Short covering coupled with fresh buying was seen in banking, metal, pharma, cement and capital good sector that helped nifty to close around 10576 levels with gain of 100 points.
- Unwinding of short position was seen in all the major indices in yesterday’s session. Nifty fut. shed almost 8 lakh shares in OI whereas fut. discount reduced to 4 points from 10 a day before.
- Fresh long positions were added in cement, metal and pharma sector. Major buying interest was seen in stocks like acc, cipla, balramchin, bata, jet and bharatforge.
- Banking, infra, oil&gas, nbfc and realty sector saw short covering from lower levels. Stocks like castrol, havells, tatacomm, vguard, ambujacem and l&tfh saw short unwinding.
- Ntpc, icicipruli, dishtv, auropharma, ubl and repcohome were some of the stocks that saw short accumulation.
Panic in global indices will keep Indian markets under pressure and domestic bourses are expected to open with negative gap of more than 2% in today’s session. Nifty will find immediate support around 10300 levels and below that fresh selling is expected that may drag nifty towards 10180- 10040 levels in short term. Overall short term outlook remains bearish and any pullback towards 10400-10480 can be used to initiate fresh shorts.
Script Action Initiation Target SL
TATASTEEL SELL Around 674 640 692
UPL BUY Above 723 750 702
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