Business
Technical chart and derivative data of Nifty indicates extension in an ongoing relief rally
Updated : Nov 07, 2018, 05:55 AM IST
We are witnessing put writing in 10500 – 10600 strikes from the last couple of sessions, which indicates further bounce in the market in coming days.
Aurobindo Pharma, Dr Reddys Lab, TCS, Bata, Reliance Industries (RIL) and Havells may show positive momentum in coming days. While, Petronet, SAIL and Equitas may remain under pressure.
Energy and IT indices are expected to do well in the remaining part of the ongoing week.
Technical chart and derivative data of Nifty indicates extension in an ongoing relief rally. Thus, we continue to maintain our positive stance on the index for a target of 10700 - 10750. Hence, traders should hold long positions with trailing stop loss of 10390.
The gain in index heavyweights like Reliance Inds, TCS, HDFC Ltd was evened-out by fall in Banking and FMCG counters.
Jay Purohit, technical and derivatives analyst, Centrum Broking