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Derivatives: Buy HDFC, BEML

Way2wealth | 27 Feb, 2018  | Follow Author | Add to my Favourites 
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Nifty Opened above 10500 levels in yesterday’s session and thereafter continued to inch upwards on back of short covering coupled with fresh buying in private banking, capital goods, power, auto and nbfc sector that helped nifty to close near its days high level of 10582 with gains of almost 92 points.

- Long positions were initiate in nifty and bank nifty fut. whereas nifty IT fut added fresh short positions. Nifty fut. saw addition of almost 5.82 lakh shares in OI and premium increased to 18 points from 14 a day before.

- Unwinding of short positions was seen in capital goods, power and pharma sector. Major covering was seen in stocks like mfsl, mothersumi, recltd, repocohome, bel and srtransfin.

- Fresh long accumulation was seen in private banking, infra and realty sector. Stocks like indigo, rcom, mrpl, voltas, bharatfin and rnaval saw buying interest.

- Selling pressure continued in PSU banking sector and tocks like orientbank, pageind, hexaware, pnb, shreecem and divislab.

Markets are expected to open on positive note but on higher side nifty will see stiff resistance around 10640-10680 levels and from those levels profit booking can be seen in second half of session. Overall, markets are looking rangebound in short term and are expected to consolidate in broad range of 10300-10680 levles for next few sessions.


Script         Action         Initiation        Target         SL

BEML         BUY         Above 1275       1340         1250

HDFC         BUY         Around 1852      1910         1828

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1,790.80 -39.30
1,791.40 -38.60
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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 accept any liability whatsoever arising from the use of any of the above contents.

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