It was a follow-up rally of nifty on Thursday led by banks,
oil & gas, capital goods, auto and metals stocks. Benchmarks rallied more
than 1% on Thursday and over 4% in the week so far.
The S&P CNX Nifty rose
52.55 points to 5049,its highest closing
level since 7 may 2012. The index hit a high of 5059 and low of 5007 in
intraday trade.
We expect the current momentum in the index to continue as
the majority of stocks is deeply oversold and a sharp technical pullback on the
short covering was pretty much on the cards.