Way2Wealth’s Derivative Report:
On back of strong global cues, Indian markets opened above 8700 levels and thereafter continued to trade with positive biasness throughout the session. Fresh long positions coupled with short unwinding was seen in FMCG, technology, OMC and realty sector that kept the momentum strong and finally nifty closed around 8714 with gains of 54 points.
Fresh long positions were added in Nifty and CNXIT fut. in yesterday's session whereas Bank Nifty fut. saw short addition. Short unwinding pressure was seen in infra, metal and fmcg sector. Major short covering was seen in stocks like IRB Infra, Reliance Infra, Tata Steel, PNB, ITC and Reliance Industries.
Oil & gas, pharma and power sector added fresh long positions. Stocks like REC, BPCL, IOC, Glenmark, Amtek Auto and PFC saw buying interest from lower levels.
Sun TV, Oriental Bank, Apollo Hospitals, Shriram Transport, HDFC and YES Bank were some of the stocks that saw short accumulation.
Taking yesterday’s rally ahead, today markets are expected to open on positive note but on higher side will see stiff resistance around 8800-8820 levels. From those levels some profit booking is expected that can drag Nifty towards 8650-8600 levels.
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