Bharat Thakur, assistant manager, Karvy Stock Broking said that market moved up strongly ahead of short covering in the markets before F&O expiry. Mid-caps participated in today`s (November 24) upward rally. Bhushan Steel was up by more than 50%. Nalco, JP Hydro, JSW Steel and IT stocks like TCS and I-flex were among the major gainers.
Markets are expected to open positive on Tuesday but volatility will continue to hover, said Bharat. According to him, market support is at 18,750 and is likely to test 19,750 in the near future.
Stocks to be watched out are IFCI, L&T and Reliance Petroleum for Tuesday.
Anuj Anandwala, analyst, KJMC Capital Services said that Sensex closed with a hefty gain of 394 points, at 19,247.54 and Nifty closed at 5,735.20, up 126.6 points. Indian stock market mirrored the strong global markets.
Strong buying was seen across the board. Metal, realty, power and banking stocks performed well at the bourses.
Some amount of selling pressure is likely during the week, said Anuj, though markets may open with an upward gap in the next trading session. According to him, markets may not sustain at 20,000 level but can go up to 19, 500 before this F&O expiry and from those levels it can again pull back.
He is bullish on power and banking sectors.
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