As on expected lines, Indian stock markets had a volatile session on Wednesday. The markets moved within a range of 1% throughout the day. After a gap up opening of about 0.5% on the back of bullish cues from US markets, the markets immediately retreated to flattish levels and remained hovered within a range. Finally, it closed with gains of 0.2%.
Provisional data though gives bullish undertone. Foreign Institutional Investors have been net buyers by around 800 Crores while Domestic Institutional Investors have been net sellers by around 170 Crores. In the derivatives segment too, FIIs have been net buyers by around 1300 Crores in Futures segment, some kind of Call writing and Put buying was also seen in Nifty Options. Overall it seems that FIIs have been hedging their positions perfectly at the moment and waiting for a particular trend to emerge.
Technically as suggested yesterday, Nifty 5250-5260 range gave an opportunity to adopt "Sell on Rise" strategy. It is likely that Nifty may go down till 5170-5190 range. Stop-loss for the same can be maintained at 5310.
Stock-specific our recommendation to sell TCS is giving us losses at the moment, though stop-loss is still far away. SBI and Kotak Bank pair trade strategy is still intact. M&M and Tata Motors pair trade strategy is giving losses at the moment.
Wishing you a great trading day tomorrow!!
Provisional data though gives bullish undertone. Foreign Institutional Investors have been net buyers by around 800 Crores while Domestic Institutional Investors have been net sellers by around 170 Crores. In the derivatives segment too, FIIs have been net buyers by around 1300 Crores in Futures segment, some kind of Call writing and Put buying was also seen in Nifty Options. Overall it seems that FIIs have been hedging their positions perfectly at the moment and waiting for a particular trend to emerge.
Technically as suggested yesterday, Nifty 5250-5260 range gave an opportunity to adopt "Sell on Rise" strategy. It is likely that Nifty may go down till 5170-5190 range. Stop-loss for the same can be maintained at 5310.
Stock-specific our recommendation to sell TCS is giving us losses at the moment, though stop-loss is still far away. SBI and Kotak Bank pair trade strategy is still intact. M&M and Tata Motors pair trade strategy is giving losses at the moment.
Wishing you a great trading day tomorrow!!
No comments:
Post a Comment