Nifty likely to show upmove towards 12,300-12,500 in the coming weeks

A volatile day for Indian markets but the good part is that bulls remained in control of D-Street. The S&P BSE Sensex rallied by over 300 points while the Nifty50 reclaimed 11900 levels on closing basis.

The index rose 2.6 percent in May series to close at 11,945, a fresh record closing high. The S&P BSE Sensex rallied 2.8 percent while NiftyBank rallied 6.7 percent in the same period.


Data suggests that fresh long positions were formed at low base of open interest and good rollovers indicates that most of the same got carried forward to June expiry.

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