Last week indices opened with negative gap but recovered all the losses on same day itself and thereafter continued to inch upwards on back of short covering coupled with fresh buying across the board. In Fridays trade nifty opened with positive note and tested fresh all time high level and closed around 10493 levels with gains of 52 points.
- Fresh long accumulation was seen in all the major indices in Fridays trade. Nifty fut. added almost 15.35 lakh shares in OI and closed at 12 points premium.
- Short covering pullback was seen in tyre, cement, nbfc, metal and technology sector. Major unwinding was seen in stocks like mrf, ceat, shreecem, hexaware, dcbbank and hindzinc.
- Buying positions were initiated in capital good sector and stocks like pidilitind, vguard, mindtree, engineersin, rnaval and tatapower.
- Mcx, torntpower, canfinhome, dishtv, ofss and apollohosp were some of the stocks that saw short addition.
This week indices are expected to open on flat to positive note and will continue to see buying support at lower levels. Overall markets remain bullish and any dip towards 10400-10340 levels can be used to accumulate fresh longs. However, on higher side call writing at 10500-10600 strike option will act as resistance zone and some profit booking can be seen in this 100 points band.
Script Action Initiation Target SL
BALKRISIND SELL Around 1220 1195 1233
BERGEPAINT BUY Above 262 271 258
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