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Rupak De, Senior Technical Analyst at LKP Securities, says that the recent upswing in the Nifty index indicates a robust bullish reversal after a period of consolidation.
Rupak De of LKP Securities sees the immediate resistance for the Nifty index at 19,000. If the Nifty convincingly breaks above this level, it may induce an upward movement towards 19,450, he says.
Based on the OI percentage, 72 stocks were on the short-covering list. These included JK Cement, Mahanagar Gas, HDFC AMC, RBL Bank and M&M Financial Services
As many as 88 stocks were on the short-covering list based on the open interest percentage. These included Rain Industries, Hindustan Aeronautics, Dr Lal PathLabs, LIC Housing Finance and Mahanagar Gas
Based on the OI percentage, a short build-up was seen in 90 stocks including Dr Lal PathLabs, Hindustan Aeronautics, Ramco Cements, MCX India, and Mahanagar Gas.