According to Way2Wealth, markets are expected to open on flat note and on higher side will continue to see stiff resistance around 7580-7600 levels.
Last week was quite a subdued week for Indian bourse where broader indices continued to trade in broad range of 100-120 points. From higher side 7600 acted as a stiff resistance for Nifty and from there selling profit booking was seen in banking, capital goods, metal and oil & gas sector that kept indices under pressure and finally closed on flat note on weekly basis.
Fresh long positions were added in CNXIT futures in Friday's session whereas Bank Nifty fut. saw short accumulation. Long accumulation was seen in Infra, Technology, Realty, Pharma and FMCG sector. Major buying was seen in stocks like HDIL, Indiabulls Real Estate, Mcleod Russel, Century Textile, Divis Lab and CESC.
Short unwinding pressure was seen in stocks like Tata motors DVR, Infosys, Siemens, IOC, Ranbaxy and Reliance Infra. Power Finance Corporation, Glenmark, Coal India, Idea Cellular, Bharti Airtel and Adani Enterprises were some of the stocks that added short positions.
This week, markets are expected to open on flat note and on higher side will continue to see stiff resistance around 7580-7600 levels. Overall, outlook remains positive and any correction to 7450-7400 can be used to initiate fresh long positions with initial target of 7600
and above that 7750-7800 levels.
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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