Nifty may trade between 5700-5980: Way2Wealth.com

Way2Wealth.com Derivative Report:

Indices opened on positive note in Friday’s session but failed to sustain above 5900 levels and saw profit booking coupled with fresh selling pressure from higher levels. Sectors like banking, metals, capital goods and power saw selling pressure that dragged Nifty to its days low level of 5820 and finally it settled around 5833 down by almost 50 points. Long unwinding was seen in Nifty Futures in Friday’s session whereas bank nifty fut. added fresh shorts. Fresh short accumulation was seen in banking, infra, realty, and power sector. Major selling pressure was seen in stocks like Reliance Infrastructure, Voltas, Financial Technologies, Reliance Capital, Oriental Bank of Commerce and Bharti Airtel. Selected buying was seen in oil marketing sector and stocks like MRF, BPCL, Bata, Aurobindo Pharma, Petronet LNG and Hindustan Petroleum Corporation. Mcleod Russel (India), Tata Motors. HDFC, Sesa Goa, LIC Housing Finance and BHEL were some of the stocks that saw profit booking. This week, markets are expected to open on subdued note and thereafter will continue to trade with negative biasness. Overall, markets are looking range bound for next few trading session and will continue to trade in broad range of 5700-5980 levels for some time before giving any fresh breakout on either side. Disclaimer: The views and investment tips expressed by investment experts 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.

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