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Sensex: 33322.3 -20.50 Gold: Rs.29678.00
Nifty: 10281 -2.60 Silver: Rs.39919.00
Derivatives outlook and recommendations for 08 Nov 17 - IndiaNotes.com
Derivatives outlook and recommendations for 08 Nov 17
Way2wealth | Published: 08 Nov, 2017  | Source : IndiaNotes.com

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.


Recommendation


Script             Action         Initiation           Target         SL


HDFC               BUY           Around 1766     1805         1748

TATASTEEL     SELL           Around 704        682         715

  Read full report Click here to read the full report


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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.