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Derivatives: Further short unwinding may drive Nifty towards 10350-10380 levels - IndiaNotes.com
Derivatives: Further short unwinding may drive Nifty towards 10350-10380 levels
Way2wealth | Published: 25 Oct, 2017  | Source : IndiaNotes.com

Market Round Up

 

  • Indices opened on strong note in yesterday session and thereafter continued to trade in narrow band of 10180-10220 levels with positive biasness. Short covering in PSU bank, infra and tyre sector helped nifty to close above 10200 levels with gains of 23 points.

  • Fresh long positions were added in nifty and bank nifty fut. whereas nifty IT fut. saw short accumulation in yesterday trade. Nifty fut. added almost 10.79 lakh shares in OI and Nov. fut closed at 48 points premium as compared to 40 a day before.

  • Short unwinding pressure was seen in canbank, escorts, vguard, hdil, gail and relinfra.

  • Buying interest was seen in PSU banking, infra and telecom sector Major long positions were added in stocks like nbcc, pnb, jublfoods, bergepaint, jet and kscl.

  • Nbcc, indusindbk, havells, rcom, yesbank and adanipower were some of the stocks that saw short buildup.


On back of Banking sector reforms announced yesterday after market hours, today domestic indices are expected to open on with positive gap and will continue to see short covering based buying at any dip. A
bove 10300 levels further short unwinding is expected that may drive nifty towards 10350-10380 levels whereas on lower side 10200-10140 will act as strong support.

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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.