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Derivatives outlook and recommendations for 22'Nov 17 - IndiaNotes.com
Derivatives outlook and recommendations for 22'Nov 17
Way2wealth | Published: 22 Nov, 2017  | Source : IndiaNotes.com

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.


Recommendation


Script             Action         Initiation     Target         SL


SIEMENS          BUY         Above 1210     1255         1190

AMBUJACEM     BUY         Around 262     274           258

  Read full report Click here to read the full report


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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.