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Derivatives outlook and recommendations for 08 Jan' 18 - IndiaNotes.com
Derivatives outlook and recommendations for 08 Jan' 18
Way2wealth | Published: 08 Jan, 2018  | Source : IndiaNotes.com

Last week, Indian bourses opened on negative note and on lower side tested 10400 levels. However, 10400 proved as a strong support zone for nifty and from those levels short covering was seen in last 2 trading session of week that helped nifty to break its resistance level of 10550 and close at all time high level of 10558 with gains of almost 0.27% on weekly basis.


- Fresh long accumulation was seen in nifty and bank nifty fut. in Fridays session whereas nifty IT fut. saw short covering. Nifty fut. added almost 13.65 lakh shares in OI and closed at 15 points premium.


- Short unwinding pullback was seen in auto, infra, capital goods, pharma and nbfc sector. Major covering was seen in stocks like cadilahc, eichermot, tatasteel, ifci, shreecem and bhel.


- Buying positions were initiated in banking, telecom, textile and tyre sector. Stocks like ubl, adaniport, equitas, castrol, apollotyre and justdial saw long buildup.


- Arvind, cummins, sreinfra, icicibank, bpcl and ioc were some of the stocks that saw short addition.


Taking clues from strong global markets, domestic indices will open with positive gap. Maximum call writing has been seen at 10600 strike option and if nifty sustains above that than another round of short covering is expected that may drive nifty towards 10700 levels. On lower side fresh put writing was seen at 10500-10400 option and that 100 points band will prove as storng support in short term.


Recommendation


Script                Action         Initiation         Target         SL


LUPIN                 BUY         Around 903        925         890

REPCOHOME     BUY         Above 725         745         712

 

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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.