According to Way2Wealth, on back of weak global cues, today domestic indices are expected to open on subdued note and thereafter will continue to trade in narrow band.
Indices opened on weak note in yesterday's session and thereafter continued to trade with negative biasness. In second half heavy selling was seen across the board that dragged nifty below 7750 levels and finally it closed around 7721 down by almost 70 points.
Short accumulation was seen in all the major indices in yesterday's session. Nifty fut. saw almost 55 percent rollover in August series as compared to 61 percent last month.
Fresh selling pressure was seen in auto, capital goods, power and cement sector. Major shorts were added in M&M, REC, HCL Tech, ACC, JP Power and Shriram Transport. Selective long positions were added in IGL, IRB Infra, Just Dial, BPCL, Apollo Tyres and Cipla. Markets wide rollovers were in line with expectation almost 79 positions got rolled in August series. Short rollovers were seen in capital goods, power and auto sector whereas fmcg, pharma, textile, media and telecom sector saw long rollovers.
On back of weak global cues, today domestic indices are expected to open on subdued note and thereafter will continue to trade in narrow band. On lower side put writing at 7500 will provide strong support whereas call writing at 7900-8000 will act as stiff resistance.
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