According to derivative report by Way2Wealth, overall momentum of Nifty is weak and bounce back to 5950-5980 should be used to exit from long positions and create fresh shorts.
Last weak was quite a bad weak for indices bourses where indices continue to see selling pressure at any intraday bounce back and finally closed below 5900 level on weekly basis. On Friday, again nifty opened on negative note but saw selected short covering from lower levels that helped indices to recover from lower levels. Nifty and bank nifty fut. added long positions from lower levels in Friday’s session whereas profit booking was seen in cnxit fut. Unwinding of short positions was seen in banking, capital goods and power sector.
This week, markets are expected to open on subdued note and thereafter will continue to trade in broad range of 5850-5980 levels. From current levels short covering rally is expected, however overall momentum of markets is weak and bounce back to 5950-5980 should be used to exit from long positions and create fresh shorts. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachment
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