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Will Hindalco, Bharti Airtel lead the next Nifty rally?

The open interest of star performers like RIL and HDFC Bank remained same for the last few days.

, ET Bureau|
Nov 27, 2019, 08.16 AM IST
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ICICI Bank and Axis Bank are the other two stocks that have seen massive build-up in long position with 130 per cent and 65 per cent increase in open interest, respectively.
The fact that Nifty’s 1360-point rally since September 19 has been led by a small basket of stocks is very well known. Reliance Industries, the HDFC twins, ICICI Bank and Axis Bank have emerged as the drivers of this big Nifty gain since the announcement of the corporate tax cuts by finance minister Nirmala Sitharaman in September.

But there are indications that the basket is getting broader. A new set of stocks look set to join the rally and drive the benchmark index even higher if one goes by the increase in open interest positions. The open interest in Hindalco has seen a 63 per cent spike in the current series while that of Bharti Airtel, SBI and Infosys’ have risen by more than 55 per cent, data from exchanges show.

Nifty snip 2

ICICI Bank and Axis Bank are the other two stocks that have seen massive build-up in long position with 130 per cent and 65 per cent increase in open interest, respectively.

The open interest of star performers like RIL and HDFC Bank remained same for the last few days.

“These stocks may lead the next leg of the rally from here,” said Rajesh Palvia, head of technical & derivatives analyst at Axis Securities.

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