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Derivatives outlook and recommendations for 17 Jan' 18 - IndiaNotes.com
Derivatives outlook and recommendations for 17 Jan' 18
Way2wealth | Published: 17 Jan, 2018  | Source : IndiaNotes.com

Indices opened on positive note in yesterday’s session but failed to sustain at higher levels and across the board profit booking was seen that dragged nifty in negative zone. Selected buying interest was seen in IT and private sector banks that helped indices but profit booking in other sectors kept indices under pressure and finally nifty closed with loss of 42 points.


- Nifty fut. saw short accumulation from higher levels and added almost 2.35 lakh shares in OI whereas Nifty IT fut. saw short unwinding in yesterdays trade.


- Long unwinding pressure was seen across the board and overall stock fut. shed almost 9.50 cr. shares in OI. Major profit booking was seen in stocks like capf, srf, dishtv, rpower, ifci and sail.


- Fresh short positions were added in realty sector and stocks like bel, pcjeweller, nationalum, orientbank, canbk and raymond.


- Selected buying interest was seen in stocks like ajantpharm, cholafin, hcltech, justdial, niittech and infy.


Markets are expected to open on subdued note in today’s session and will continue to see profit booking at higher levels. On higher side, call writing at 10700-10800 strike will act as stiff resistance zone for indices and any pullback towards 10750-10780 can be used to exit from trading long positions whereas in lower side Put writing at 10600-10500 will prove as strong support for nifty in short term. Dip towards 10580-10540 levels can be used to initiate fresh longs.


Recommendation


Script               Action         Initiation     Target         SL


INDIACEM          BUY         Around 195     204         191

ZEE                   BUY         Around 610     624         604

  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.