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Financial stocks were under pressure dragged down by Kotak Mahindra Bank, while consumer stocks fell on an earnings miss from heavyweight Hindustan Unilever
The option activity at 22,200 strike will set the tone for Nifty’s direction in the upcoming week.
One should only be bullish on Nifty if it closes above its crucial 100-day moving average placed at 19,300, Kunal Shah said.
From the Sensex pack, HCL Tech, ICICI Bank, HDFC Bank, UltraTech Cement and Nestle opened with cuts, while only Sun Pharma, SBI, Bajaj Finance, and NTPC opened with gains.
Based on the OI percentage, 81 stocks were on the short-covering list. These included ITC, Granules India, Ipca Laboratories, Lupin, and Atul. A decrease in OI along with a price increase is an indication of short-covering.