CNBC-TV18's, Research Analyst, Anichya Shah : Volumes were extremely low in fact lower than yesterday; net-net about 30,000 crore. But positive is that the Nifty still looks pretty strong throughout the day; the discount figures in fact not quite convincing when one will get the bhav copy one will see, its some sort of a premium, net addition of about 16-17 lakh shares. So despite some bit of intra-day profit booking at the end near the 4,930-4,940 mark lot of support seem to come in and we did a long build-up throughout trade today.

IFCI interestingly saw good open interest build-up yesterday, 14 lakh shares. Today continuing the uptrend adding about 26 lakh shares went into strong premium that’s about 1.5% cost of carry on that stock, up about Rs 1 in the spot market.

Cairn India, a clear candidate for short covering after yesterday’s huge short build-up of about 7 lakh shares today it shed about 2.8 lakh shares on the back of pretty strong crude prices and up about Rs 7 in the spot market as well.

What is one man’s supper and another man’s poison; ONGC sell off a fair bit, huge short positions build up today, 11 lakh shares were added and was down about Rs 61. So throughout the day we did see shorting in ONGC and IOC.

SAIL was another stock that initially started with some bit of short build-up but at the end of the day we saw that cost of carry inching to a bit of a premium, 18 lakh shares was net addition on open interest.

Arvind Ltd was another stock that saw unwinding in yesterday’s trade so the trend reverse today and saw some bit of long build-up, 14 lakh shares. So all and all volumes were extremely low but on the few stocks that did trade with high volumes, the move is pretty convincing.