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SENSEX
NIFTY 50
NIFTY MIDCAP 100
S&P BSE MIDCAP
Hang Seng
Taiwan Weighted
DAX
Nasdaq
MCX GOLD DEC 05
MCX SILVER DEC 05
MCX CRUDEOIL NOV 16
MCX NATURALGAS OCT 26
USD/INR
EUR/INR
GBP/INR
JPY/INR

Stock Market Live: Sensex off day's low; Nifty above 14,600; banks, financials drag

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We are still positive on the Nifty for 11,000 target, says Edelweiss Securities

Updated : November 29, 2018 09:46 AM IST

It is F&O expiry today and ahead of that Yogesh Radke, head of quantitative research at Edelweiss Securities shared his views and outlook on F&O market.

He spoke at length about IT names, private banks, Maruti Suzuki and Reliance Industries Ltd.

“Nifty had a very good rally in this expiry. Notable part is that it has gained around 6 percent but still when we see the rollovers which are happening, they are happening at a very low cost. Longs are rolling their positions but with high caution, maybe they are looking at the state elections results that would be some caution that they want to maintain the December series. Rollovers have been quite well to the extent of more than 65-68 percent but rollovers with a caution in the next series,” he said.

“We are maintaining the 11,000 level for the Nifty to be headed in the coming timeframe. On the lower side, still we have a support at 10,500. 10,000 level is quite a strong support for the market. Any event specific knee-jerk reaction will still be absorbed and the market should find a strong support at 10,500 level. So we are still positive on the Nifty for 11,000 target,” said Radke.

“HDFC twins would be the ones - we have been seeing how the momentum has been picked up into the HDFC twins. Reliance Industries Ltd (RIL) has been holding strong. They have given positive signals on the upside and we may see some amount of other private banks also participating, names of ICICI Bank, Axis Bank. Overall if you see, IT names which have been heavily shorted – short covering in these counters will also pick up Nifty followed by the private banks and the giant RIL could also be supportive to the market,” he further mentioned.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

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