Market Round Up
- After last couple of days of profit booking, yesterday domestic bourses opened on positive note and thereafter continued to see buying interest. Short covering coupled with fresh buying in technology banking, power and capital goods sector helped nifty to close at day’s high level of 10215 up by almost 97 points.
- Unwinding of short positions was seen in all the major indices in yesterday session. Nifty fut. shed almost 9.0 lakh shares in OI and closed at 36 points premium.
- Fresh long positions were added in banking and realty sector. Major buying interest was seen in stocks like pageind, voltas, hdil, bankindia, manappuram and jisljaleqs.
- From lower levels short covering was seen in stocks like relcapital, rcom, ncc, relinfra, pfc and muthootfin.
- Mgl, nestle, igl, adaniport, grasim and siemens were some of the stocks that added short positions.
On back of India’s rating upgrade, today domestic markets will open with positive gap and thereafter short covering will further hep the indices to inch upwards. However, on higher side nifty will see stiff resistance around 10400-10500 range and from those levels some profit booking can be seen but overall outlook remains bullish and dips should be used to initiate fresh longs.
Script Action Initiation Target SL
CAPF BUY Around 690 720 678
ARVIND BUY Above 427 440 419
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