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In the cash market, both FIIs and DIIs bought to the tune of Rs 10.13 crore and Rs 5024.36 cr on Tuesday. FIIs' long short ratio for index futures is at 33.02 as on a net basis, they sold 3025 index futures.
Dharmesh Shah, Head-Technical at ICICI Direct, suggests viewing PSU corrections positively as buying opportunities. He also anticipates that Nifty momentum will sustain and has a positive outlook on Nifty auto index and Maruti. He further recommends accumulation in the IT sector for medium-term gains as he expects a gradual recovery in the IT index.
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Positive setup was seen in stocks like Tata Chemicals, Tata Power, Tata Steel, OFSS, Glenmark, HAL, Tata Consumer, Bajaj Auto, Indian Hotels, Trent, BEL, Tata Motors, Zydus Life and SRF.
On the options front, the maximum Call OI is placed at 22,500 and then towards 22,300 strikes while the maximum Put OI is placed at 22,000 and then towards 21,900 strikes.