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Derivatives outlook and recommendations for 15 Dec' 17

Way2wealth | 15 Dec, 2017  | Follow Author | Add to my Favourites 
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Market Round Up

Indices opened on flat note but soon saw selling pressure that dragged nifty below 10150 levels. Thereafter for most part of the session indices continued to trade in narrow band with negative biasness. However, in last hour of trades sharp short covering move was seen across the board that helped nifty to recover all the losses and close around 10252 levels gaining almost 60 points.

- Short covering pullback was seen in nifty and bank nifty fut. in yesterday session. Nifty fut. shed almost 5.20 lakh shares in OI whereas banknifty fut. OI reduced by almost 9%.

- Fresh long accumulation was seen in stocks like wockpharma, icicibank, dcbbank, kscl, m&m and bpcl.

- Unwinding of short positions was seen in banking, oil&gas, auto, pharma and realty sector. Irb, muthootfin, petronet, hexaware, torntpower and godrejind were some of the stocks that saw covering.

- Bergepaint, justdial, mgl, tcs, indiacem and federalbnk added fresh short positions in Thursdays session.

Taking yesterday short covering move ahead and on positive clues from State Election exit polls today domestic indices are expected to open on strong note but on higher side nifty will see stiff resistance around 10380- 10420 levels and from those levels profit booking can be seen. However, if Nifty manages to breach 10400 than another round of short covering can be seen taking nifty above 10500 in short term.


Script         Action           Initiation        Target         SL

ICICIBANK     BUY          Above 306       313         303

GRASIM         BUY         Above 1155     1184         1140

  Read full report Click here to read the full report

289.60 -2.15
289.20 -2.80
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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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