Market Round Up
Indices opened on positive note but failed to sustain at higher levels and saw profit booking that dragged nifty below 10450 levels. Short covering in metal, realty, infra, technology and pharma sector provided support to nifty but profit booking in banking sector dragged nifty down and finally it closed at day’s low level of 10444 down by 20 points.
- From higher levels short accumulation was seen in nifty fut. whereas banknifty saw long unwinding. Nifty fut. added almost 12 lakh shares in OI and closed at 26 points premium.
- Unwinding of short positions was seen in cement, auto, power and pharma sector. Major covering was seen in stocks like jet, tv18, heromotoco, bata, marico and wockpharma.
- Buying interest was seen in realty, textile, metal and infra sector. Ramcocem, dlf, ncc, arvind, jisljaleqs and relinfra were some of the stocks that added fresh longs.
- Selling pressure was seen in psu banking sector and stocks like pnb petronet, bankindia, grasim, hdfc and castrol.
Markets are expected to open on flat note in today’s session and thereafter will continue to trade in narrow band with no clear direction. On higher side call writing at 10500 strike option will act as stiff supply zone for indices and from those levels profit booking can be seen whereas on lower side put writing at 10400 will prove as immediate support for indices in short run.
Script Action Initiation Target SL
BAJFINANCE BUY Around 1695 1760 1665
INDIACEM BUY Around 176 188 169
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