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Ashish Kyal of Waves Strategy Advisors has been bullish on IT index even before the breakout was seen and prices are moving precisely as expected.
Based on the OI percentage, 64 stocks were on the short-covering list. These included Bharti Airtel, Axis Bank, Laurus Labs, Torrent Pharmaceuticals, and Jubilant Foodworks. A decrease in OI along with a price increase is an indication of short-covering.
The momentum is strong in Nifty Midcap index but short term consolidation is possible given that the indicators are overbought.
It is great to see Nifty inching towards lifetime high levels finally because Bank Nifty did that first. Then Sensex did it and finally Nifty is managing to do that. And also we can clearly see that 19000, there is a lot of call build up.
Shares of IndiGo, the aviation major, surged over 4% on Wednesday, pushing its market capitalization above Rs 1 lakh crore. The stock has been performing well, with a gain of nearly 29% this year and about 60% in the last year. IndiGo's recent order to buy 500 narrow-body planes from Airbus has further boosted investor confidence. The airline currently operates over 300 aircraft and has a total order book of almost 1,000 aircraft to be delivered by 2035.