Last week, domestic indices opened on positive note and continued in northward journey. In later half of week, sharp short covering in banking, pharma and nbfc sector helped nifty to breach 10300 levels and close with gains of almost 1.75% on weekly basis.
• In Fridays trade, profit booking pressure was seen in all the major indices from higher levels. Nifty fut. shed almost 6 lakh shares in OI and closed at 33 points premium.
• Fresh long positions were initiated in pharma, auto and capital good sector. Major buying was seen in stocks like vguard,
jswenergy, ajantpharm, adaniport, wockpharma and ubl.
• Short covering based buying was seen in infra, tyre, power and nbfc sector. Sail, kotakbank, bajfinance, recltd, pel and
bharatforge saw short unwinding from lower levels.
• Yesbank, granules, bpcl, repcohome, hindpetro and kajariacer were some of the stocks that saw short accumulation.
Taking last week upward move ahead this week Indian bourses are expected to open on positive note and will continue to see buying support at lower levels. In short term nifty will face stiff resistance around 10400-10440 levels and from those levels profit booking can be seen. However, overall momentum remains bullish and any dip towards 10200-10140 levels can be used to accumulate fresh longs.
Script Action Initiation Target SL
IBULHSGFIN BUY Above 1272 1320 1245
SUNPHARMA BUY Around 548 570 526
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