Market Round Up
On back of subdued global cues, yesterday domestic indices opened on negative note but on lower side nifty found strong support around 10350 levels. From those levels, pullback was seen in last hour of session that helped nifty to recover all the early losses and finally it closed at day’s high level of 10399 with gains of 10 points.
- From lower levels fresh long accumulation was seen in nifty fut. and it added almost 4.20 lakh shares in OI whereas short covering based buying was seen in banknifty fut.
- Fresh buying interest was seen in PSU banking, media and realty sector. Major longs were added in stocks like dcbbank, voltas, tv18, tatapower, dlf and axisbank.
- Unwinding of short positions was seen in jewelry, capital goods, power and technology sector. Stocks like pcjeweller, bata, jisljaleqs, godrejind, fortis and mothersumi saw short covering.
- Selected short addition was seen in stocks like niittech, bpcl, recltd, adaniport, kscl and infy.
Indices are expected to open on flat to negative note in today’s session and will continue to find strong support around 10340-10300 levels. 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
ULTRACEMCO BUY Above 4285 4340 4255
YESBANK BUY Above 316 322 313.50
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