The market saw a gap-up opening and was able to hold onto giants on June 5 amid volatility in crude oil price. Auto and media stocks were in the limelight during the day while private banks also saw some traction.
The Nifty added 93 points or 0.5 percent to reach 18,625 as of 11.30. The Bank Nifty traded at 44,224, up 0.65 percent.
Traders have taken bullish bets but say they will not be adding fresh positions unless there is a dip.
Santosh Pasi, a derivatives trader, said he expects the Nifty to hit 18,900 or 19,000 by month end, intraday, he expects the market may remain a bit choppy.
Ankush Bajaj, another derivatives trader, said he also expects a bit of choppiness but is bullish on Bank Nifty.
Option data shows support for the Nifty is available at 18,600 with more put writings seen on the strike. Accumulation of Straddle trades – neutral strategy – were seen at 18,650 and 18,700 strikes.
“The confirmation of strength is seen only if the Nifty breaches the 18,663 mark. The make-or-break support for the index is at 18463, while support for Bank Nifty is at 43786,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Among individual stocks, defence sector stocks such as Hindustan Aeronautics and Bharat Electronics saw long addition. Traders also took bullish bets on Tata Chemicals and India Cements. M&M, and Zee Entertainment were also on bulls’ radar.
Financials such as AB Capital, AU Small Finance Bank and CanFin Homes saw short buildup.
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