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Derivatives: Sell Havells; Buy Wipro

Way2wealth | 22 Feb, 2018  | Follow Author | Add to my Favourites 
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Taking clues from strong Asian bourses, Indian indices opened on positive note in yesterday sessions but failed to sustain above 10400 levels and profit booking dragged nifty below 10350. However, in last hour of trades selected short covering in large cap stocks helped markets to recover from lower levels and finally nifty closed around 10397 levels up by 37 points.

- Short unwinding was seen in all the major indices in yesterday’s session. Nifty fut. shed almost 11.30 lakh shares in OI and March fut. closed at 17 points premium as compared to 11 a day before.

- Selected buying interest was seen in midcap technology sector and stocks like rnaval, mindtree, colpal, voltas, infratel and biocon.

- Short positions were added in metal and power sector. Major short accumulation was seen in stocks like pfc, tatasteel, upl, chennpetro, cipla and engineersin.

- Niittech, albk, bergepaint, suntv, bharatforge and ongc were some of the stocks that saw short covering from lower levels.

Domestic indices are expected to open with negative gap and thereafter will continue to see selling pressure at higher levels. Overall undertone pf markets remain weak and pullback toward 10420-10480 levels can be used to reduce long positions. Being the last day of expiry high volatility is expected in second half of trades and thereafter traders are advised to keep strict stop losses in trading positions.


Script         Action         Initiation     Target         SL

HAVELLS     SELL         Below 499      485         508

WIPRO         BUY          Above 296     304         292.50

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295.75 +2.50
295.75 +2.35
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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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