Taking clues from weak global cues, Indian markets opened on negative note in yesterday’s session but on lower end nifty found support around 10420 levels. From those levels gradual recovery was seen on back short covering in technology, pharma and realty sector that helped nifty to recover all the losses and finally it closed on flat note with minor losses of almost 1 points.
From lower levels long positions were added in nifty fut. whereas Nifty It fut. saw short covering in yesterday’s trade.
From lower levels short unwinding pressure was seen in realty, technology, infra and nbfc sectors. Major covering was seen in stocks like hdil, hexaware, infratel, kpit, ibrealest and kajariacer.
Buying interest was seen in stocks like wockpharma, nestle,cholafin, dishtv, pcjeweller and titan.
Pidilitind, indiacem, pel, relcapital, upland hindpetro were some of the stocks that saw short accumulation.
After yesterday’s consolidation, today markets are expected to open on positive note but on higher side will continue to see profit booking pressure around 10500 levels. However, if Nifty breaches 10500 and sustains above that than another round of covering can drive indices towards 10580-10640 levels in short term.
Script Action Initiation Target SL
CUMMINSIND BUY Above 913 942 898
DHFL SELL Below 640 618 653
Click here to read the full report
Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.
For more information please write in to email@example.com
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.