Nifty closed above 4741 consecutively for the last 4 days. Short covering above 4909 has given a trigger to the bulls to pull up the Nifty towards 5091 in the short run. In the previous settlement we were seeing huge short roll overs which have been partly covered above 4909. Nifty futures were trading at a whooping premium of 44 points.
Higher PC ratio and falling volatility are supportive elements to bulls. Fresh buying is also visible ahead of quarterly numbers. We had seen massive buying in Infosys along with Wipro and TCS. Infosys is coming out with the quarterly numbers on Apr. 15, 2008. Market enthusiasm may remain for another couple of days.
We expect markets to remain positive on Monday due to year end closing and NAV propping. Nifty support is at 4910 and resistance at 5050.
Stocks to be watched out are L&T, Punj Lloyd, ABB and GMR Infrastructures.