Buying continued for another day in the market amid a wider recovery however gains in headline indices were limited. Catchup by banking stocks also improved traders’ sentiments. As of 10.20 am, the Nifty was up 0.53 percent at 17,489.50.
Nifty futures were up 0.5 percent as well, trading at the 17,560 level. On the option front, 17,400 strikes saw heavy put activity as it started emerging as a local support area for the index. Fresh put positions were also increasing at 17450 and 17500 as bulls tried to push the index higher.
“Bank Nifty was lagging a bit even as Nifty rose, we can see a change on that front,” said Shijumon Antony, a Kochi-based derivatives trader. He, thus, sees a rally in the index.
Nifty Bank index was up 0.22 percent as of writing this copy.
Manish Shah, a Sebi-registered research analyst, said the market is in recovery mode. He advised taking bullish positions in Ultratech Cement and Dixon Tech (target: Rs 2,975) for intraday trades.
Long buildup, which refers to traders taking bullish positions, was also seen in Indraprastha Gas, HDFC and Bajaj Finance amid encouraging business updates for the bygone quarter.
Meanwhile, short build-up was seen in Federal Bank, Adani Enterprises, Hindustan Copper, BHEL and SAIL.
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