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Derivatives outlook and recommendations for 30 Oct 17 - IndiaNotes.com
Derivatives outlook and recommendations for 30 Oct 17
Way2wealth | Published: 30 Oct, 2017  | Source : IndiaNotes.com

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.


Recommendation

Script                      Action      Initiation                  Target         SL

IBULHSGFIN            BUY         Above 1272                 1320          1245

SUNPHARMA           BUY        Around 548                  570           526

  Read full report Click here to read the full report


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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.