Indices opened on flat note in yesterday’s session but continued to inch upwards on back of sustained buying coupled with short covering in banking, metal, infra, and nbfc sector that helped nifty to close at day’s high level of 10504 with gains of almost 62 points.
- Nifty fut. saw buying interest in yesterday session and added almost 4 lakh shares in OI whereas bank nifty and Nifty IT fut. saw short covering support from lower levels.
- Fresh long accumulation was seen in metal, capital goods, infra and psu banking sector. Major addition was seen in stocks like jisljaleqs, idbi, hcc, albk, raymond and m&mfin.
- Oil&gas, cement, nbfc and telecom sector saw short covering from lower levels. Stocks like cummins, ujjivan, ashokley, ongc, grasim and bankindia saw unwinding pressure.
- Selected short positions were added in stocks like rnaval, canfinhome, bharatforge, igl, eichermotor and chennpetro.
On back of strong global cues, today indices are expected to open on positive note but on higher ide nifty will see stiff resistance around 10550- 10600 levels and from those level profit booking can be seen. Overall, markets are stuck in broad range of 10400-10600 and breakout from this range will further set the direction for indices in short term. Maximum put writing has been seen around 10400 and 10300 and that will act as strong support whereas call writing at 10600 will prove as stiff resistance.
Script Action Initiation Target SL
L&TFH BUY Around 173 182 169.90
BALKRISIND BUY Around 1208 1240 1190
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