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Derivatives outlook and recommendations for 29'Nov 17 - IndiaNotes.com
Derivatives outlook and recommendations for 29'Nov 17
Way2wealth | Published: 29 Nov, 2017  | Source : IndiaNotes.com

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.


Recommendation


Script          Action         Initiation        Target         SL


UPL              BUY         Around 760       778         754

INFRATEL     BUY         Around 378       390         373

  Read full report Click here to read the full report


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Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.

 

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.