Market Round Up
After a steep correction in last 2 trading sessions, yesterday domestic markets opened on positive note but soon shed all the gains and on lower side tested 10500 zones. However, from that level pullback was seen in second half of trade that helped nifty recover all the early losses and close on flat note with gains of 5 points.
- From lower levels, short unwinding was seen in nifty IT fut whereas bank nifty fut. added shorts positions. Nifty fut. closed on flat note with addition of almost 6.50 lakh shares.
- Short accumulation was seen in auto, private banking, cement and infra sector. Stocks like justdial, pidilitind, naval, ashokley, indianb and shreecem added short positions.
- Short covering pullback was seen in metal, technology, capital goods, nbfc and psu banking sector. Major unwinding was seen in stocks like cummins, tatasteel, hdfc, zee, canbank and hcltech.
- Biocon, mindtree, dlf, gail, hindzinc and icil were some of the stocks that saw buying interest in yesterday’s trade.
Taking clues from weak Global markets, today domestic indices are expected to open on negative note and will continue to see selling pressure at higher levels. However, on lower end put writing at 10000 strike option will act as strong support zone for nifty and from those levels pullback can be seen. Overall markets are looking rangebound and will consolidate in broad range of 9950-10300 before giving any fresh breakout.
Script Action Initiation Target SL
HDFC BUY Around 1678 1710 1660
HCLTECH BUY Around 845 864 836
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