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Derivatives outlook and recommendations for 3 Nov 17 - IndiaNotes.com
Derivatives outlook and recommendations for 3 Nov 17
Way2wealth | Published: 03 Nov, 2017  | Source : IndiaNotes.com

Market Round Up

After Wednesdays sharp rally, yesterday it was a day of consolidation for Indian markets. Nifty opened with minor gains but failed to sustain at higher levels and profit booking in banking, metal, realty and tyre sector dragged indices in negative zone and thereafter it continued to trade in narrow band and finally closed at 10424 down by 16 points.


From higher levels profit booking was seen in Bank Nifty whereas nifty fut saw short accumulation. Nifty fut. added almost 10.65 lakh shares in OI and closed at premium of 31 points


Fresh buying interest was seen in pharma and power sector. Major long buildup was seen in stocks like hexaware, titan, torntpharm, powergrid, indianb and jisljaleqs.


Long unwinding pressure was seen in metal, Psu banking and realty sector. Stocks like hdil, vguard, syndibank, niittech, Idfcbank and cgpower saw profit booking.


Canbk, pidilite, apollotyre, unionbank, hindalco and mcx were some of the stocks that added short positions.


Markets are expected to open on positive note in today’s session but on higher side will continue to see stiff resistance around 10480-10520 levels and from those levels profit booking is expected that may drag nifty down. However, if Nifty managed to breach 10500 and sustain above that than another round of short unwinding can drive it towards 10580 levels in short run.


Recommendation

Script            Action           Initiation          Target        SL

RELINFRA      BUY             Around 500            517         493

INFRATEL       BUY             Around 420             35          414

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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.