Market Round Up
Last week Indian bourses opened on flat note but continued to inch upwards on back of sustained buying and short covering in pharma, capital goods, psu banking and infra sector that helped nifty to close with gains of more than 1% on weekly basis. In Fridays session, buying interest was seen in infra, oil & gas and technology sector that led indices above 10350 levels.
- Long positions were added in nifty and bank nifty fut. in Fridays trade whereas Nifty IT fut saw short covering from lower levels.
- Short unwinding pressure was seen in media, realty, pharma, tyre and fmcg sector. Tv18, havells, fortis, pageind, godrejcp, dcbbank and dlf were some of the stocks that saw short covering.
- Selected buying interest was seen in infra, capital goods, jewelry and psu banking sector. Major long accumulation was seen in stocks like jublfoods, syndibank, ncc, vguard, titan and igl.
- Nestle, hexaware, l&tfh, cgpower, idea and pvr added short positions in last trading session.
This week, Indian bourses are expected to open on soft note but on lower side nifty will find strong support around 10340-10300 levels and from those levels pullback is expected in second half of session. Overall markets are stuck in broad range of 10300-10450 levels and breakout from this range will further set the direction of markets in short term. Above 10450 levels another round of short covering can be seen that can drive nifty above 10500 levels.
Script Action Initiation Target SL
ITC BUY Above 262 269 258.60
HINDPETRO BUY Above 435 447 428
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