Support for Nifty at around 6230-6250: Way2Wealth.com

Way2Wealth.com's Derivative Report:

Last week indices opened on strong note and thereafter for entire week continued to trade with positive biasness. Fresh buying was seen in banking, capital good, technology and oil&gas sector that helped nifty to breach 6250 and close with gains of almost 120 points on weekly basis. Nifty fut. added fresh long positions in Friday’s session whereas premium reduced to 12 points from 37 a day before. Fresh long accumulation was seen in banking, pharma, power and capital goods sector. Major buying was seen in stocks like Tech Mahindra,Power Finance Corporation, Jaiprakash Power, Biocon, Glenmark Pharma and Karnataka Bank.

Short unwinding was seen in technology sector and stocks like Hindalco, Sun Pharma, TCS, Siemens, ONGC and REC.

Selected selling pressure was seen in stocks like Tata Steel, Mahindra & Mahindra Financial, NTPC, Maruti, Hexaware Tech and Jubilant Food. This week markets are expected to open on subdued note on back of negative global indices but on lower side will find immediate support around 6250-6230 levels. On higher side call writing at 6300 will act as stiff resistance for indices in short term and any rally to those levels can be used to book profit in long positions whereas on lower side nifty will find support around 6200-6180 levels.

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