Market Round Up
Nifty opened on negative note in yesterday session on back of subdued global cues and breached 10100 levels in intraday session. However, in last hour of session short covering was seen in banking, nbfc, capital goods, and power sector that helped nifty to recover all the early losses and finally it closed around 10118 down by 9 points.
- From lower levels, fresh long positions were initiated in nifty and bank nifty fut. whereas Nifty It fut. saw short accumulation. Nifty fut. added almost 11 lakh shares in OI and closed at 28 points premium.
- Selected long positions were added in mid cap technology and aviation sector. Major buying positions were initiated in stocks like balkrisind, hexaware, jet airways, srtransfin, justdial and amarajabat.
- Short unwinding was seen in banking, telecom and nbfc sector. Stocks like bhartiartl, voltas, cummins, bharatfin, bata and federalbnk saw short covering from lower levels.
Fresh short accumulation was seen in stocks like heromotoco, kpit, irb, apollotyre, eichermotor and grasim. Domestic bourses are expected to open on negative note in today’s session but on lower side nifty will find immediate support around 10060 levels and from that pullback can be seen. On lower end maximum put writing has been seen at 10000 strike option and that will act as strong support zone for nifty. However, if nifty breaks 10000 and sustains below that than some more selling is expected that can drag indices towards 9800 levels.
Script Action Initiation Target SL
HINDALCO BUY Above 241.50 251 236
HEROMOTOCO SELL Around 3530 3440 3580
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