On back of weak global cues, yesterday, Indian bourses opened with negative gap of almost 1 percent but on lower side found strong support around 5820-5800 levels. From those levels short covering was seen in second half of session that helped indices to recover all the losses and finally it closed on flat note with minor loss of 1 point.
Nifty futures saw short covering from lower levels and shed almost 14 lakh shares in OI whereas cnxit fut. added long positions. Fresh long positions were added in technology,. Pharma and metal sector. Major buying was seen in stocks like ofss, Sun TV Network , IDFC , Bank of India , Apollo Tyres and Hindalco Industries .
Unwinding of short positions was seen in stocks like Bata India , Petronet LNG , Siemens , Arvind , BPCL and Lupin . Reliance Industries , IT, IRB Infra , Aurobindo Pharma , NMDC and India Cements were some of the stocks that saw short accumulation.
After yesterdays late recovery from lower levels, today markets are expected to open on positive note and thereafter will continue to trade with positive biasness. However, on higher side nifty will find stiff resistance around 6020-6050 levels and can see profit booking pressure from those levels.
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