CNBC-TV18's Head-Markets Research, Anuj Singhal: The jury is still out on whether the worst is over or is this just an expiry week phenomena. To be fair, the global markets have been quite stable this week but we all know how quickly that can change.

The single biggest positive though that has emerged over last 3 days is huge FII buying, both in the cash and the F&O side of the markets. On Tuesday also, we saw net buying of close to USD 800 million, cash and F&O put together. Now some of that can be attributed to expiry week game, but surely this can’t be dismissed. There has been some buying for last few days and that’s evident in the way some of the bluechips have moved up over last few days.

Another positive to emerge on Tuesday was the way volumes picked up on the way up. In fact we haven’t seen these kinds of volumes since the Jan peak and this to me, is a big positive. You might want to add a pinch of salt here as this is an expiry week and historically, even when we have had bad series, the expiry week generally has been positive for markets.

Quite interesting cues from the options data. Looks like traders believe that 4700-4800 is now an intermediate bottom for this market, at least for this series and on the upside, 4900-5000 will be huge resistance. But the Nifty futures rollover has been aggressively on the long side and certainly some brave traders have taken a bullish call for the next series.

In individual stocks, as expected, the outperformance from tech and banks continued and there is reason to believe that this would continue. Now even some of the beaten down infrastructure stocks have joined the party. So stocks like GMR, Punj Lloyd and JP Associates looked good on Tuesday.

One stock I would watch out for is Sasken. From being a decent midcap tech stock, this has been reduced to a small cap stock by the carnage of Jan and Feb. But Tuesday’s trade gave some indications of dead cat bounce here and there was quite a bit of build-up also. With the kind of surge seen in NIIT Tech after the mayhem, it won’t be surprising if Sasken follows suit and gives a short-term bounce, which would be purely technical in nature.

DISCLAIMER: The author is not allowed to trade in equity markets including Futures and Options. His only exposure to capital markets is via shares of TV18 and Network18 granted to him as ESOPs by the company and investments in some long-term mutual funds.