Way2Wealth's derivative report-
Last week was quite positive for Indian bourse where nifty gained almost 3 percent on weekly basis. On Friday indices opened on flat note but saw sharp pull back on back of fresh buying in fmcg, capital goods and oil & gas sector. On Saturday, nifty opened on positive note and managed to close above 6100 levels gaining almost 12 points.
Long positions were added in nifty fut. in last two trading session whereas unwinding of short positions was seen in bank Nifty fut. from lower levels. Short covering was seen in banking, metal and oil & gas sector. Major short unwinding was seen in Dr Reddys, Hindalco, Chambl Fert, Hexaware, Idea and PTC India.
This week markets are expected to open on flat note and on higher side will face resistance around 6120 levels. From those levels profit booking is expected that may drag nifty towards 6020-5980 levels in short term. 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.
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