| F&O Outlook: Strong resistance at 5,000 |
| B G Shirsat / Mumbai February 14, 2008 |
| We had indicated that short covering may lead to a minor pull back on Wednesday. The Nifty was up 91 points to close at 4,929, while the Sensex gained 341 points to 16,949. The discount between Nifty spot and futures declined to 20 points from 42 points, while the open interest in Nifty February futures came down by 19.29 lakh shares, indicating short covering by bears. According to Siddhartha Bhamre, derivatives and equity analyst of Angel Broking, the rise in Indian markets particularly in large cap stocks has been on account of short covering. The strong global cues also aided the sentiment, he said. However, one should not get carried away as Wednesday |
