In an interview to CNBC-TV18 Amit Gupta, ICICI Direct shared his reading and outlook on the Futures and Options market. He said there will be some consolidation in the market, so he expects Nifty to trade in the board range of 5700-6070 for one-two months.
Meanwhile he expects, Reliance Industries to out perform in the short-term. "The two months volume weighted average price of the stock was placed at around Rs 823. Previously it found lot of pressure below that level and finally came down," he added.
In this upmove, RIL has successfully taken out these levels and short covering is also happening in Futures segment, he added. Almost 20% open interest so far has been closed in RIL, which signifies that shorts are slowing exiting from this stock. Hence he believes it may outperform the index.