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| Capitalstars Financial research pvt. ltd. |
The market undertone remained bullish in recent weeks with the support of consistent short covering and long buildup. The Nifty is trading near all-time highs, supported by heavyweight sectors like banks, IT and pharma.
Sector rotation is likely to continue. At the current stage derivative data indicates a bullish scenario, which would continue with Nifty having multiple strong support at lower levels of 11,500 and 11,400.
We may see short covering on every dip as option writers were active in the recent rally. We have seen put writing in 11,500, 11,400 puts along with call unwinding in 11,500 calls.
As Nifty50 hit a lifetime high of 11,581.75 on Tuesday, it is notable to know that the index hovered around 1,000 levels in back in 2002.
Over these 16 years, the representation in Nifty50 index has undergone a sea change in consonance with the changes in the underlying economy. As new sectors and companies evolved, their stocks found place in the benchmark index. Some, on the other hand, lost relative importance.
On the technical front, 11,520-11,530 spot levels are strong support zone for Nifty while the current trend is likely to continue towards 11,650-11,700 levels in the expiry week.
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