The market continued to build up on the previous day’s gains, thanks to a rush for PSU banks, auto and IT stocks. As of 11.30am, April 28, the Nifty 50 index climbed 28 points, or 0.16 percent, to 17,942.85.
Option data shows maximum Put writing has been seen at 17,900 strike, while most Call writing was seen at the 18,000 strike. This also marks the trading range for the day.
The trend is positive, said analysts and traders. Some believe buying calls is the best strategy right now as the premium is very low and thus risk is limited.
“The abundance of bullish continuation patterns had encouraged us to set aside collapse fears so far, and even raise our upside expectations from 17976 to 18300 yesterday,” said Anand James, Chief Market Strategist at Geojit Financial Services.
FIIs have also increased their long positions in the last few days.
Among individual stocks, PI Industries and Indus Towers saw heavy accumulation by bullish traders. Zee Entertainment, CanFin Homes and Coforge also saw long buildup.
Shriram Finance and Trent were those that saw short build-ups. Short-covering was seen in ICICI Prudential, HDFC Life Insurance and AU Small Finance Bank.
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