Market Round Up
Indian markets continued their corrective mode in yesterday session also and closed below 10050 levels. Long unwinding coupled with fresh short positions were added in banking, capital goods, auto and nbfc sector that kept indices under pressure and finally nifty closed around 10044 down by almost 75 points.
- Fresh short accumulation was seen in nifty and bank nifty fut. in yesterday’s trade whereas nifty IT saw long buildup. Nifty fut. added almost 9.70 lakh share sin OI and closed at 24 points premium.
- Long unwinding pressure was seen in nbfc, power and auto sector. Major profit booking was seen in stocks like hexaware, ofss, dcbbank, balramchin, syndibank and bajajfinsv.
- Short positions were added in banking, capital goods, infra and telecom sector. Stocks like siemens, unionbank, cgpower, canbk, chennpetro and voltas saw short accumulation.
- Pageind, hindunilvr, maruti, dishtv hcltech and ncc were some of the stocks that saw buying interest.
Markets are expected to open with minor gains in today’s session but will continue to see profit booking pressure at higher levels. 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
ARVIND BUY Around 430 442 425
TATATSTEEL BUY Around 666 675 661
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