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

Market Round Up

  

On back of strong global cues, nifty opened on positive note but filed to breach 10400 levels in yesterday’s session. From those levels profit booking pressure was seen across the board that dragged nifty below 10350 level  and finally it closed at day’s low level of 10361 down by almost 9 points.


- Profit booking was seen in all the major indices in yesterday session Nifty fut. shed almost 2 lakh shares in OI whereas December premium reduced to 38 points from 48 a day before.


- Fresh short positions were added in metal, banking, auto and realty sector. Major selling was seen in stocks like dalmiabha, petronet, dcbbank, pageind, hdfc and sail.


- Selected buying positions were added in stocks like southbank, hexaware, escorts, wipro, boschltd and bajajauto.


- From higher levels, long unwinding was seen in capital goods, fmcg, media, pharma and infra sector. Stocks like tataglobal, zee, orientbank, andhrabank, ceat and axisbank saw profit booking.


Taking ahead yesterday’s profit booking, today markets are expected to open on weak note but on lower side will 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. Being the last day of expiry high volatility is expected in second half of session and strict stop losses should be placed in intraday trading positions.


Recommendation


Script               Action         Initiation          Target         SL


GRASIM            BUY         Around 1175      1220         1160

L&TFH              SELL         Around 177       172         179.40

 

  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.