Market Round Up
- Indices opened on negative note in yesterday session and thereafter for most part of the day continued to trade in narrow band of 20 points with bot of negative biasness. However, in last hour of session selling pressure increased that dragged nifty towards 10350 levels but finally closed around 10370 down by almost 30 points.
- From higher levels, profit booking was seen in bank nifty and Nifty IT fut. whereas Nifty fut. saw short accumulation. Nifty fut added almost 2.25 lakh shares in OI whereas Dec. fut premium reduced to 48 points from 57 a day before.
- Selected buying interest was seen in stocks like biocon, hcc, igl, repcohome, tataglobal and bhel.
- Indianb, muthootfin, rnaval, hexaware, unionbank and glenmark were some of the stocks that added fresh shorts.
- Long unwinding pressure was seen in capital goods, infra, tyre and jewelry sector. Major booking was seen in stocks like voltas, dishtv, tv18, titan, icil and gmrinfra.
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
UPL BUY Around 760 778 754
INFRATEL BUY Around 378 390 373
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