On back of strong gain in banking sector, Nifty opened with a gap of almost 80 points but thereafter it failed to sustain at higher levels. In afternoon session across the board selling pressure was seen that dragged nifty in negative zone for brief period but it recovered in last hour of trade and close around 10817 levels with gains of 28 points.
- From higher levels, fresh short positions were added in nifty fut. and it closed at discount of 7 points as compared to 3 points premium a day before whereas long accumulation was seen in banknifty futures.
- Fresh long accumulation was seen in private sector banks and stocks like mindtree, hdfc, ibulhsgfin, kotakbank, tcs and icicibank.
- Profit booking pressure was seen in psu banking, cement, infra, media and realty sector. Major unwinding was seen in stocks like hexaware, ktkbank, adanient, hdil, justdial and indiacem.
- Short positions were initiated in auto, metal and oil&gas sector. Stocks like infratel, voltas, dcbbank, rcom, nationalum and relinfra added fresh short accumulation.
After yesterday’s volatile trade, today markets are expected to open on flat note and thereafter will continue to trade in narrow band with no clear direction. On higher side, call writing was seen in10800-10900 strike option in Thursday’s session and that range will act as stiff supply zone for indices whereas 10700-10600 will act as strong support in short term.
Script Action Initiation Target SL
TATASTEEL SELL Around 758 740 766
KOTAKBANK BUY Above 1047 1080 1032
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