Divya Arora, assistant manager, Karvy Stock Broking, stated that yesterday was the last day of F&O expiry so trading was seen as anticipated. Metal sector remained slow-moving though SAIL did well.

IT counters also witnessed some amount of short covering. Reliance Industries was among the major gainers. Market crossed 15,000 level that is an indication of relief for the overall markets after making a correction of 2,000 points. She suggests shareholders to leave long positions at the existing level that were taken at lower levels.

According to her, market resistance is at the current level. Political imbalance is still hanging over the markets, which is negative for the market. She anticipates stock market to remain a little negative in today’s (August 31) session. She suggests Voltamp Transformers stock for medium term buy. Today, IT sector may face a little pressure and stocks like BHEL, L&T may sink.

Prakash Rajdev, chief dealer, Khandwala Securities, told that yesterday being the last day of F&O trade, stock markets witnessed a firm closure. Short covering was primarily seen in counters such as TISCO and VSNL. According to him, stock market is near a supply zone having support at 14,500 to 14,600 level and resistance at 15,300.

“Yesterday Nifty futures were traded at a heavy discount of 40 to 50 points, hence markets are expected to open weak today, though worldwide cues will continue to have an effect on Indian markets,” said Rajdev. He is bullish on telecom and steel sector.