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Derivatives outlook and recommendations for 16 Nov 17 - IndiaNotes.com
Derivatives outlook and recommendations for 16 Nov 17
Way2wealth | Published: 16 Nov, 2017  | Source : IndiaNotes.com

Market Round Up

 

- Taking clues from weak Global markets, domestic bourses opened on negative note and thereafter continued to see profit booking that kept indices under pressure. Selling pressure was seen in metal, power, infra and technology sector that dragged nifty below 10100 levels in intraday session and finally settled around 10118 down by 68 points.


- From higher levels, long unwinding pressure was seen in bank nifty and nifty fut. whereas Nifty IT added fresh shorts. Nifty fut. shed almost 6 lakh shares in OI and closed at 36 points premium.


- Profit booking was seen across the board and overall stock fut. shed almost 4 cr. shares in OI. Major unwinding was seen in stocks like voltas, hexaware, justdial, cgpower, kscl and cadilahc.


- Selected buying interest was seen in tyre sector and stocks like balkrisind, icil, pageind, amarajabat, fortis and mrf.


- Stocks like bata, igl, vguard, recltd, petronet and relcapital added fresh shorts in yesterday’s trade. Indices are expected to open on flat note in today’s session and will continue to see long unwinding pressure at higher levels. However, on lower side nifty will find strong support around 10040 levels and from those levels pullback is expected in second half of session. Put writing at 10000 strike option will also prove as strong support zone whereas call writing t 10200-10300 will act as stiff resistance in short term.


Recommendation


Script         Action         Initiation         Target         SL


NCC             BUY            Around 99           109         94

PFC             BUY            Around 122.50     128         120.90

  Read full report Click here to read the full report


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Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.

 

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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.