The markets succumbed on Monday as intimated in advance on back of poor results from Infosys and hdfc dragging the markets on a whole with active call writers at 17200-300 on nifty and 37000-37200 on bank nifty providing resistance for the markets with supports at 17050-16900 for the nifty and 36500 for the bank nifty
Technically the markets ought to remain in the said range with pressure on the higher side and only with a sustained move above 17260 can see a short covering for nifty and above 37219 for the bank nifty
Stock specific action and movements in metals, power, hospitality will continue with strength in selected banks and oil and gas stocks
The coming session is likely to see subdued trades with tight and rangebound moves with less activity in index and decay in premium for both calls and puts
However we are bullish on stocks like hind copper, nb ventures, apollo hospitals, au small fin bank, igl and stock futures and options of the same will outperform
Stocks to watch
Nifty and bank nifty as above
Buy nb ventures, hind copper
Buy chola fin 740 ce
Buy apollo hospitals 4600 ce
Buy au small fin bank
Buy igl 400 ce
Sell crude, gold, silver mcx
