Indian bourses opened on positive note but thereafter continued to trade in narrow band of 15-20 points for most part of the session with no clear direction. However, in last 30 minutes of trade sharp pullback was seen on back of short covering coupled with fresh buying in capital good, metals, cement and telecom sector that helped nifty to close at all time high level of 10531 with gains of almost 38 points.
- Fresh long accumulation was seen in nifty fut. whereas banknifty fut. saw short covering form lower levels. Nifty fut. added almost 19.80 lakh shares in OI and Jan fut closed at 36 points premium to spot.
- Unwinding of short positions was seen in cement, infra, technology, pharma and telecom sector. Stocks like rcom, fortis, dlf, infratel, jpassociate and ifci saw short covering in yesterday’s session.
- Long positions were added in metal, realty and capital good sector. Major buying was seen in stocks like cummins, hdil, justdial, relcapital, ceat and sail.
- Selected selling was seen in stocks like syndibank, pidilitind, balkrishna, sbin, bankbaroda and lupin.
After yesterday’s late pullback, today markets are expected to open on flat note but on lower side will find strong support around 10500-10470 levels. 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
BATA BUY Above 762 788 748
YESBANK BUY Around 315 328 310
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