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.
Script Action Initiation Target SL
LUPIN BUY Around 903 925 890
REPCOHOME BUY Above 725 745 712
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