Indices opened on positive note and after initial volatility continued to inch upwards on back of fresh buying coupled with short covering in technology, banking, capital goods, oil&gas and infra sector. Nifty and Sensex both the indices closed at all time high levels with gains of almost 0.65%.
- Fresh long accumulation was seen in all the major indices in yesterday’s session. Nifty fut. added almost 7 lakh shares in OI and Feb fut. closed at 26 points premium as compared to 21 a day before.
- Short unwinding pullback was seen in infra, nbfc, metal and pharma sector. Major covering was seen in stocks like mrpl, zee, jublfoods, techm, justdial and canfinhome.
- Buying interest was seen in private banking, nbfc and capital good sector. Stocks like niittech, vguard, mindtree, bajajauto, m&mfin and bhel added fresh longs.
- Selected short buildup was seen in stocks like hindzinc, acc, maruti, hindpetro, divislab and asianpaint.
Markets are expected to open on positive note on back of strong global cues but on higher side nifty will see immediate resistance around 11000- 10040 levels. From those levels profit booking can be seen that can drag nifty towards 10980-10950 levels. However, overall momentum remains bullish and any intraday pullback can be used to initiate fresh long positions for short term.
Script Action Initiation Target SL
MCX BUY Around 842 880 830
VGUARD BUY Around 247 256 242
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