Market Round Up
Last week Indian markets opened on negative note and saw selling in first half of week that dragged nifty below 10100 levels. However, in last 2 trading session sharp recovery was seen on back of short covering in interest rate sensitive sectors that helped nifty to recover all the losses and finally nifty closed at 10284 levels down by 0.38%.
- In Fridays trade, profit booking was seen in nifty fut. from higher levels whereas bank nifty fut. added fresh long positions.
- Short covering based buying was seen in banking, metal, infra, cement and telecom sector. Major covering was seen in stocks like ongc, rcom, sunpharma, hindzinc, hdfc and hcc.
- Buying positions were initiated in realty sector and stocks like hdil, justdial, tatapower, ramcocem, dlf and biocon.
- Selected short accumulation was seen in stocks like mgl, hexaware, ongc, orientbank, hcltech and upl.
After last week late recovery, this week domestic bourses are expected to open on soft note on back of subdued global cues and thereafter indices will continue to trade in broad range of 10400-10150 levels. On higher side, call writing at 10400 and 10500 strike option will act as stiff supply zone for nifty in short term and breakout above 10500 will further propel the rally whereas any dip towards 10200- 10100 can be used to accumulate fresh longs.
Script Action Initiation Target SL
ASHOKLEY BUY Above 117.10 122 115.40
BEML SELL Below 1628 1595 1650
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