Almost all components of the BSE PSU Bank index is holding firm with steady gains, helping the index higher by 1.7 percent in early trade, though it gauge has cooled off from initial highs. The banking pack has the highest weightage in the benchmark indices.
First fortnight data of June month shows FIIs bought stocks from real estate, telecom and financial services sectors but sold IT, metals and oil and gas.
On the domestic front, retail inflation data, wholesale inflation numbers, crude oil prices, and FII's behaviour will be key triggers for stock markets in the current holiday-shortened week.
On the technical front, 9,020-9,050 is strong support zone for the Nifty and current trend is likely to continue towards 9,400. Here are top five stocks, which can give up to 7-17 percent in the short term based on technical parameters.
The Reserve Bank of India (RBI) announcing OMOs indicates two things; One is that there has been plentiful liquidity, and the RBI has been buying dollars which means it is pumping rupees into the system.