Indices continued to consolidate in narrow band of 15-20 points for most part of the day in yesterday session. However, in last hour of trades sharp profit booking was seen in banking, realty, power and infra sector that dragged nifty below 10500 levels and finally closed around 10490 down by almost 41 points.
Banknifty fut. added fresh short positions in Wednesdays session whereas nifty and nifty IT fut. saw profit booking from higher levels. Nifty fut. shed almost 5.50 lakh shares in OI and closed at 43 points premium to spot nifty.
Long unwinding was seen in auto, banking, realty, capital good and metal sector. Major booking was seen in stocks like pidilitind, jet airways, dlf, hdil, jisljaleqs and ceat.
Selected buying positions were initiated in stocks like rcom, mindtree,adanipower, voltas, equitas and fortis.
Concor, jswenergy, hcc, andhrabank, hindzinc and syndibank saw short accumulation.
Markets are expected to open on positive note on today’s session but on higher side nifty will continue to see stiff resistance around 10540-10580 band. On higher side call writing at 10600 will act as strong supply zone for indices in short term whereas put writing at 10400 will prove as strong support. Being the last day of F&O expiry markets will be quite choppy and stock specific movements will be there as per rollover positions.
Script Action Initiation Target SL
APOLLOHOSP BUY Above 1212 1250 1190
NMDC‘ BUY Around 137.25 141 136
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