Market Round Up
On Friday, nifty opened on positive note but failed to sustain above 10250 levels and thereafter continued to trade in narrow band of 20-30 points in first half of trading session. However, in second half of trades sharp selloff was seen across the board that that dragged nifty below 10150 and finally it closed at day’s low level of 10122 down by almost 105 points.
- Fresh short positions were added in all the major indices in last trading session. Nifty fut. added almost 4.41 lakh shares in OI whereas premium reduced to 23 points from 42 a day before.
- Long unwinding pressure was seen in capital good, fertilizer, power, realty and nbfc sector. Balkrishna, bankbaroda, ajantpharm, justdial, engineersin and dcbbank saw profit booking from higher levels.
- Short positions were initiated in banking, auto, cement and metal sector. Major accumulation was seen in stocks like escorts, cummins, powergrid, kpit, equitas and vedl.
Selected buying interest was seen in stocks like ashokley, hexaware, oil, m&mfin, tvsmotor and sail. After last week sharp correction, this week indices are expected to open on flat note but will continue to see selling pressure at higher levels. However, on lower side nifty will find strong support around 10000 level and from those levels short covering move can be seen but on higher side upside seems to be capped for this expiry around 10300-10400 levels.
Script Action Initiation Target SL
ADANIENT BUY Around 141.50 147 138.90
BATA SELL Below 727 705 742
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