Nifty opened with gap of almost 30 but once again indices failed to sustain above 10450 level. Thereafter, for most part of the day indices continued to trade in narrow band of 20 points. From higher levels profit booking was seen in banking, oil&gas and auto sector that kept indices under pressure and finally nifty closed on flat note with loss of 3 points.
- Nifty fut. saw short accumulation whereas banknifty fut. saw long unwinding in yesterday’s trade. Nifty fut. added almost 7 lakh shares in OI and closed at 22 points premium.
- Short covering pullback was seen in cement, realty, infra, technology and pharma sector. Major unwinding was seen in stocks like muthootfin, indiacem, apollohosp, voltas, oil and torntpower.
- Long positions were initiated in stocks like wockpharma, ifci, manappuram, ceat, tv18 and pidilitind.
- Mothersumi, havells, maruti, hindpetro, indigo and bankindia were some of the stocks that added fresh shorts.
Indian bourses are expected to open on flat to positive note in today’s session and will continue to see buying support at lower levels. In second half of session some profit booking is expected ahead of long weekend. On higher side call writing at 10500 strike option will act as stiff supply zone for indices whereas on lower side put writing at 10400 will prove as immediate support for indices in short run.
Script Action Initiation Target SL
VOLTAS BUY Around 648 662 640
EQUITAS BUY Around 144.50 151 141
Click here to read the full report
Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.
For more information please write in to email@example.com
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.