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You are here : IndiaNotes >> Research & Analysis >> Companies >> Housing Development Finance Corporation Ltd. >> Research

Derivatives: Buy HDFC, ITC

Way2wealth | 16 Feb, 2018  | Follow Author | Add to my Favourites 
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Indices opened on positive note and saw steady buying in first half of session that helped nifty to breach 10600 levels in intraday session. However, in second half of trades indices failed to sustain at higher levels and profit booking in banking, pharma and auto sector dragged nifty below 10550 and finally it closed around 10545 levels with gains of 45 points.

- From higher level, long unwinding was seen in nifty fut. and it shed almost 2.40 lakh shares in OI whereas nifty IT fut. saw long addition.

- Fresh short positions were initiated in power, pharma and capital good sector. Major buildup was seen in stocks like pnb repcohome, dcbbank, voltas, jisljaleqs and tatasteel.

- Profit booking from higher levels was seen in stocks like pcjeweller, canfinhome, rcom, escorts, bankbaroda and relcapital.

- Selected buying interest was seen in stocks like apollohosp, manappuram, fortis, tcs, dalmiabha and ramcocem.

Markets are expected to open on flat to positive note but will continue to see stiff resistance around 10580-10620 level. Overall, markets are stuck in broad range of 10400-10650 levels and any breakout from this range will further set the direction of indices in short term. On lower side, nifty will find strong support around 10300 levels and below that can correct till 10100-10040 levels whereas on higher side 10740-10800 will act as supply zone.


Script         Action            Initiation        Target         SL

ITC             BUY             Around 268        275         264

HDFC         BUY             Around 1828      1860       1810


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1,785.15 -23.40
1,789.60 -19.95
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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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