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Derivatives outlook and recommendations for 7 Nov 17 - IndiaNotes.com
Derivatives outlook and recommendations for 7 Nov 17
Way2wealth | Published: 07 Nov, 2017  | Source : IndiaNotes.com

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.


Recommendation

Script                  Action    Initiation       Target     SL

CUMMINSIND      BUY       Above 913     942       898

DHFL                  SELL      Below 640     618       653

  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.