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

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.


Recommendation


Script          Action         Initiation     Target         SL


CAPF             BUY         Around 690       720         678

ARVIND          BUY         Above 427        440         419

  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.