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Nifty: 10281 -2.60 Silver: Rs.39919.00
Derivatives outlook and recommendations for 1 Nov 17 - IndiaNotes.com
Derivatives outlook and recommendations for 1 Nov 17
Way2wealth | Published: 01 Nov, 2017  | Source : IndiaNotes.com

Indices opened on flat note in yesterday session and thereafter for entire session continued to trade in negative territory. Profit booking pressure was seen in banking, metal, power and nbfc sector that kept indices under pressure throughout the day and finally nifty closed near its day’s low of 10335 down by 28 points.


From higher levels minor profit booking was seen in nifty and bank nifty fut. in yesterday’s session whereas Nifty IT fut saw short

unwinding pressure. Nifty fut. premium increased to 33 points from 25 points a day before.


Fresh long positions were added in oil&gas, pharma, infra and realty sector. Major buying interest was seen in stocks like niittech, bel, mrpl, capf, nationalum and kpit.


Selected profit booking was seen in stocks like torntpower, ajantpharm, bata, oil India, jindalstel and britannia.


Lichsgfin, bankbaroda, upl, star, ibulhsgfin and tatamotors were some of the stocks that saw short accumulation.


On back of strong global cues, today domestic markets will open on positive note but on higher side will see immediate resistance around 10400 levels and can see some profit booking. However, overall undertone remains bullish and any dip towards 10200-10150 levels can be used to accumulate fresh longs. A break above 10400 will trigger short covering move taking nifty towards 10500 levels in short run.


Recommendation

Script                 Action       Initiation           Target          SL

HDIL                   BUY          Around 59             64             57.40

ADANIENT          BUY          Around 133           139           129.50

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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.