"We suggest maintaining a positive yet cautious stance as Nifty is set to retest its record high. Needless to say, we need sustainability above 22,150 to end the consolidation and march towards the 22,500+ zone else profit-taking may resume," said Ajit Mishra, Religare Broking.
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"Revenge shopping that we saw during the pandemic was never sustainable. While people are buying higher priced products including cars and electronics with finance options, the increasing EMI every month is forcing them to cut back on lifestyle products like clothing and accessories," said Kumar Rajagopalan, chief executive officer of RAI.
Based on the OI percentage, 44 stocks were on the short-covering list. This included Chambal Fertilisers & Chemicals, HDFC Life Insurance Company, Pidilite Industries, Dr Reddy s Laboratories, and ICICI Lombard General Insurance Company.