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.
Script Action Initiation Target SL
RELINFRA BUY Around 500 517 493
INFRATEL BUY Around 420 35 414
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