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Derivatives outlook and recommendations for 05 Jan' 18 - IndiaNotes.com
Derivatives outlook and recommendations for 05 Jan' 18
Way2wealth | Published: 05 Jan, 2018  | Source : IndiaNotes.com

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.


Recommendation


Script               Action         Initiation        Target         SL


L&TFH              BUY         Around 173       182         169.90

BALKRISIND     BUY         Around 1208      1240         1190

  Read full report Click here to read the full report


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.