The Nifty closed above 4,500 on fresh long build-up by foreign institutional investors (FIIs) in key index stocks such as Reliance Industries, Infosys Technologies, ICICI Bank and TCS.
The FII holding in these stocks has been the largest among various categories of investors. Also, these stocks have outperformed the benchmark index. The Instanex FIIs Index, which tracks top 15 companies in the FIIs’ portfolio, has outperformed the benchmark index, indicating fresh long build-up from foreign investors.
The market is fully under the bulls’ grip. This is indicated by strong intra-day long build-up and fresh short covering in Nifty futures yesterday.
The Nifty is expected to get support at 4,400 as options traders unwinded short positions at 4,400 strike call and sold the same strike put. Some technical studies indicate that the markets will comfortably take out their recent highs in the near term and head towards 16,500/5,100 plus by August 2009.
Dow is looking set for a breakout above 8,900 this week. Overall, the set-up remains extremely strong and he believes the best is yet to come.
Metal counters such as JSW Steel, Tata Steel and Sterlite Industries ended in discount, indicating accumulation of short position.
Accumulate the stocks which displays good Q1 results.
No comments:
Post a Comment