Contact Us | Log In
Search
Sensex: 33844.9 +141.30 Gold: Rs.30456.00
Nifty: 10397.5 +37.10 Silver: Rs.38195.00
Derivatives outlook and recommendations for 23 Jan' 18 - IndiaNotes.com
Derivatives outlook and recommendations for 23 Jan' 18
Way2wealth | Published: 23 Jan, 2018  | Source : IndiaNotes.com

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.


Recommendation


Script              Action         Initiation         Target         SL


MCX                BUY         Around 842         880         830

VGUARD         BUY         Around 247         256         242

 

  Read full report Click here to read the full report


About Way2wealth

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 editor@indianotes.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.