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Derivatives Idea: Buy Bharat Electronics and Bajaj Auto

Way2wealth | 13 Mar, 2018  | Follow Author | Add to my Favourites 
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As expected, Indian bourses opened on positive note in yesterday’s session on back of strong global cues and thereafter continued to inch upwards. Short covering coupled with fresh buying interest was seen cross the board that helped nifty to rally by more than 200 points and finally closed around 10421 levels up by 195 points.

- Unwinding of short positions was seen in nifty fut whereas bank nifty and Nifty It fut. added fresh longs. Nifty fut. shed almost 2.50 lakh shares in OI and closed 11 points premium.

- Fresh long positions were added in technology sector and tocks like niittech, ioc, hexaware, cholafin and justdial.

- Short covering pullback was seen across the board and overall stock fut. shed more than 3.35 Cr. shares in OI. Major unwinding was seen in stocks like arvind, balramchin, godfryphlp, itc and wockpharma.

- Andhrabank, torntpharm, godrejind, icicipruli, coalindia and bankindia were some of the stocks that saw short accumulation.

After yesterday’s sharp rally, today markets are expected to open on subdued not and thereafter will continue to trade in narrow band of 10380- 10450 levels with no clear direction. On lower side, fresh put writing was seen at 10330 and 10200 strike option and that will act as immediate support for nifty whereas call writing at 10600 will prove as stiff resistance in short to medium term.

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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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