Market Round Up: Indices continued their northward journey last week and rallied by another 1.25% on weekly basis. In Friday’s trade, minor profit booking was seen in initial hours, but nifty found strong support around 10400 levels and from those levels pullback in banking, nbfc, textile and capital good sector helped nifty to recover all the losses and close at day’s high level of 104652 up by 28 points.
- Fresh long positions were added in nifty and bank nifty fut in Friday’s trade. Nifty fut. added almost 5.65 lakh shares in OI and closed at 34 points premium.
- Short covering pullback was seen in nbfc, pharma and oil&gas sector. Biocon, yesbank, wockpharma, kpit, irb and bajfinance saw unwinding pressure.
- Long accumulation was seen in stocks like arvind, ujjivan, ubl, engineersin, sail and bankbaroda.
- Powergrid, federalbnk, icicipruli, andhrabank, hcc and pfc were some of the stocks that added fresh shorts. This week, domestic markets are expected to open on positive note but on higher side call writing at 10500 will act as stiff resistance and from those levels profit booking is expected. However, if nifty manages to sustain above 10500 than another round of short unwinding can drive nifty above 10580-10640 levels.
Script Action Initiation Target SL
BANKBARODA BUY Around 172 185 167.50
HINDUNILVR BUY Above 1248 1280 1232
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