Market Round Up
Indian bourses opened on positive note in yesterday’s session and thereafter continued to inch upwards on back of short covering in banking, pharma, power, metal and telecom sector. However, in last hour of trades profit booking pressure was seen from higher levels that shed some of the early gains but finally nifty closed around 10327 up by 28 points.
- Nifty fut. saw short covering in Tuesday’s session whereas profit booking pressure was seen in banknifty fut. from higher levels.
- Fresh long positions were added in metal sector and stocks like kajariacer, ntpc, vguard, tatapower, jisljaleqs and sail.
- Selected profit boking was seen in realty, aviation and banking sector. Major unwinding was seen in stocks like jet airways, hdil, icil, infibeam, jublfoods and ramcocem.
- Shreecem, l&tfh, acc, ambujacem, bankbaroda and bergepaint were some of the stocks that added short positions.
- Short covering based buying support was seen in fmcg, auto, oil&gas and pharma sector.
On back of strong global cues, today domestic indices are expected to open on positive note but on higher side nifty will continue to see stiff resistance around 10400 levels and from those levels profit booking pressure will be there. However, if nifty sustains above 10400 than another round of short covering move is expected that can drive nifty towards new highs.
Script Action Initiation Target SL
SIEMENS BUY Above 1210 1255 1190
AMBUJACEM BUY Around 262 274 258
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