According to Way2Wealth, today domestic markets will open on negative note but will continue to see buying support at lower levels.
Indices opened on positive note in yesterday's session but were quite volatile throughout the day. On higher side nifty saw stiff resistance around 6800 levels and from those selling was seen in last hour of trading that dragged nifty in negative zone and finally it closed on flat note around 6796 levels.
Unwinding of long positions was seen in Nifty and Bank Nifty fut from higher levels whereas CNXIT fut added fresh shorts.
From higher levels profit booking was seen in auto, metals and infra sector. Major long unwinding was seen in stocks like srtransfin, ranbaxy, bankbaroda, m&m, canbank and bankindia.
Selected buying was seen in stocks like Crompton Greaves, Adani Port, Adani Ent, Tata Power, Hexaware and Tata Power.
Short positions were added in technology sector and stocks like godrejind, dishtv, ucobank, techm, ioc and hcltech.
Taking clues from weak global indices, today domestic markets will open on negative note but will continue to see buying support at lower levels. On lower side, put writing at 6700-6600 will provide strong support whereas 6820-6850 will act as immediate resistance for nifty in short term perspective. Overall, market view remains bullish and any correction can be used as buying opportunity.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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