Market Round Up
- Indices opened on positive note but failed to sustain above 10450 levels and saw sharp profit booking. Long unwinding coupled with fresh short accumulation was seen across the board especially in banking, pharma, realty, nbfc and capital good sector that dragged nifty below 10350 and finally it closed nears it days low level with loss of 101 points.
- From higher levels profit booking pressure was seen in nifty and bank nifty fut. whereas Nifty IT fut. added fresh longs.
- Short accumulation was seen in auto, cement, pharma and oil&gas sector. Major short positions were added in stocks like lupin, muthootfin, ioc, indiacem, ongc and ptc.
- Long unwinding was seen across the aboard and overall stocks fut. shed almost 4.90 cr. shares in OI. Wockpharma, castrol, indianb, justdial, bankindia and sbin saw profit booking pressure.
- Selected buying interest was seen in stocks like ofss, arvind, nbcc, nestle, hindpetro and tcs. Markets are expected to open on flat to positive note in today’s session but on higher side will see stiff resistance around 10400-10440 levels and from those levels profit booking is expected. Overall, nifty is expected to trade in broad range of 10300-10500 and a breakout of this range will further set the direction of indices.
Script Action Initiation Target SL
HDFC BUY Around 1766 1805 1748
TATASTEEL SELL Around 704 682 715
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