On back of weak global cues, yesterday Indian markets opened on negative note and thereafter continued to see selling pressure throughout the session. Long unwinding coupled with fresh short accumulation was seen in banking, auto, capital goods and metal sector that dragged nifty below 6500 levels and finally it settled around 6483 down by 41 points.
Unwinding of long positions was seen in nifty and Bank Nifty fut. whereas CNXIT fut. saw short covering from lower levels. Fresh short accumulation was seen in stocks like REC , Mahindra & Mahindra Financial , GAIL , IOB , LIC Housing and Bank of Baroda . Selected long positions were added in stocks like ONGC , JSW Energy , Karnataka Bank , Aurobindo Pharma ,
Hindustan Unilever and Dabur India . Petronet , Larsen and Toubro , Oriental Bank of Commerce , Jaiprakash Associates , Bata and PNB were some of the stocks that saw profit booking from higher levels. After yesterdays profit booking, today domestic markets are expected to open on positive note and will continue to see buying at lower levels. On lower side Nifty will find immediate support around 6480 level and below that can test 6420 levels whereas on higher side 6560-6600 will continue to act as strong supply zone for indices in short term.
Read more at: http://www.moneycontrol.com/news/brokerage-recos-fo/support-for-nifty-at-around-rs-6480-way2wealthcom_1055992.html?utm_source=ref_article
Unwinding of long positions was seen in nifty and Bank Nifty fut. whereas CNXIT fut. saw short covering from lower levels. Fresh short accumulation was seen in stocks like REC , Mahindra & Mahindra Financial , GAIL , IOB , LIC Housing and Bank of Baroda . Selected long positions were added in stocks like ONGC , JSW Energy , Karnataka Bank , Aurobindo Pharma ,
Hindustan Unilever and Dabur India . Petronet , Larsen and Toubro , Oriental Bank of Commerce , Jaiprakash Associates , Bata and PNB were some of the stocks that saw profit booking from higher levels. After yesterdays profit booking, today domestic markets are expected to open on positive note and will continue to see buying at lower levels. On lower side Nifty will find immediate support around 6480 level and below that can test 6420 levels whereas on higher side 6560-6600 will continue to act as strong supply zone for indices in short term.
Read more at: http://www.moneycontrol.com/news/brokerage-recos-fo/support-for-nifty-at-around-rs-6480-way2wealthcom_1055992.html?utm_source=ref_article