According to Way2Wealth, after yesterday's sell-off, today markets will open on flat note and thereafter is expected to trade in narrow band of 30-40 points.
Nifty opened on positive note in yesterday's session but couldn't sustain at higher levels and saw profit booking coupled with fresh selling pressure across the board that dragged nifty towards 6700 levels in afternoon session. However, from lower levels selected buying in technology sector helped indices to recover some of the lost ground but finally it closed around 6733 down by 43 points.
Unwinding of long positions was seen in Nifty and Bank Nifty future. whereas CNXIT future. saw short covering from lower levels.
Fresh short positions were added in banking, auto and power sector. Major short accumulation was seen in stocks like Idea Cellular , JSW Energy , Divis Laboratories , Bank of India , HDIL and Adani Enterprises .
Selected buying was seen in stocks like Exide Industries , UPL , Biocon , Crompton Greaves , Bata India and United Breweries .
Long unwinding pressure was seen in realty, infra, capital goods and oil&gas sector.
After yesterday's selloff, today markets will to open on flat note and thereafter is expected to trade in narrow band of 30-40 points. On lower side nifty will find strong support around 6700 levels and any correction to those levels can be used as buying opportunity whereas on higher side 6800-6850 will act as supply zone in short term,
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