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Derivatives outlook and recommendations for 08 Dec' 17

Way2wealth | 08 Dec, 2017  | Follow Author | Add to my Favourites 
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Market Round Up

After last couple of days of downward move, yesterday nifty opened above 10050 level and thereafter continued to inch upwards on back of short covering coupled with fresh buying in oil&gas, capital goods, metal, telecom and auto sector that helped nifty to close at day’s high level of 10167 levels up by almost 123 points.

- From lower levels, short unwinding was seen in nifty and nifty IT fut. whereas bank nifty fut. added fresh longs. Nifty fut. shed almost 1.15 lakh shares in OI and closed at 36 points premium.

- Fresh long accumulation was seen in telecom, oil&gas, capital goods and auto sector. Major buying positions were added in stocks like gail, idea, igl, havells, maruti and dlf.

- Nbfc, tyre, metal and technology sector saw short covering pullback in yesterday’s trade. Balkrisind, mcx, siemens, lt, upl and bel were some of the stocks that saw short unwinding.

- Selected selling pressure was seen in stocks like hexaware, jublfoods, irb, indigo, kscl and glenmark.

Taking yesterday’s short covering move ahead, today markets are expected to open on positive note but on higher side nifty will see strong resistance around 10240-10280 levels and from those levels profit booking can be seen. Overall, markets are stuck in broad range of 10000-10300 levels and breakout from this range on either side will further set the direction for markets for short term.


Script               Action         Initiation     Target         SL

ADANIENT         BUY         Around 148       154         144.50

UPL                   BUY         Around 714       735         702

  Read full report Click here to read the full report

720.75 -0.75
719.70 -1.45
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About Way2wealth

Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.


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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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