Market Round Up
Taking Mondays rally ahead, yesterday Nifty opened above 10400 levels and thereafter continued to inch upwards on back of short covering coupled with fresh buying in metal, capital goods, auto and pharma sector that helped nifty to close at day’s high level of 10463 levels gaining almost 75 points.
- From higher levels, selling pressure was seen in Nifty IT fut. whereas Nifty and Banknifty fut. added fresh longs. Nifty fut. added almost 12 lakh shares in OI and closed at 8 points premium.
- Short covering pullback was seen in banking, cement, infra, oil&gas and textile sector. Major unwinding was seen in stocks like recltd, canbk, wockpharma, jisljaleqs, icicipruli and upl.
- Fresh long positions were initiated in auto, metal and fmcg sector. Stocks like pageind, m&m, jet airways, titan, bergepaint and biocon saw buying interest in Tuesdays trade.
- Selected selling was seen in stocks like godfryphlp, dishtv, kotakbank, mcx, unionbank and wipro.
On back of weak global cues, today domestic indices are expected to open on subdued note but on lower side nifty will find immediate support around 10400-10360 levels. However, on higher side call writing at 10500 option will act as stiff supply zone for indices and from those levels profit booking can be seen. If Nifty manages to sustain above that than another round of short covering can drive nifty towards 10600-10650 levels.
Script Action Initiation Target SL
APOLLOTYRE BUY Around 259 268 255
AMBUJACEM BUY Above 272.50 281 268
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