Yesterday it was quite a volatile day for Indian markets. Indices opened on positive note but after the surprise move of implementing Long term tax sharp selling pressure was seen that dragged nifty below 10900 levels in intraday session. Recovery from those levels was seen immediately that took nifty at day’s high levels but by end of the day nifty shed all the gains and close around 11016 levels down by 10 points.
- Long unwinding pressure was seen in nifty fut. and it shed almost 8 lakh shares in OI whereas NiftyIT and bank nifty fut. added fresh short Positions.
- From higher levels, profit booking was seen in pharma, telecom, oil&gas, textile and nbfc sector. Major unwinding was seen in stocks like jisljaleqs, torntpharm, fortis mindtree, tataelxsi and exide.
- Short accumulation was seen in banking, auto, metal and infra sector. Stock like bel, canbk, andhrabank, bankindia, coalindia and tatasteel added fresh shorts.
- Selected buying interest was seen in stocks like escorts, ceat, idbi, apollotyre, apollohosp and icicipruli.
After yesterday’s high volatile session, today we expect indices to open on negative note and will continue to see selling pressure at higher levels. Below 11000 levels, more unwinding is expected that may drag nifty towards 10800-10720 levels in short term whereas on higher side 11100- 11140 will act as strong supply zone in short term.
Script Action Initiation Target SL
RELIANCE SELL Below 945 920 960
TATASTEEL SELL Below 695 670 705
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