REC formed bullish candlestick pattern on the daily charts with above average volumes. The 50-day EMA (exponential moving average placed at Rs 445) is crucial to watch in the coming session.
Based on the OI percentage, 52 stocks were on the short-covering list. This included Bata India, IndiaMART InterMESH, SBI Cards & Payment Services, Balrampur Chini Mills, and Astral.
Looking ahead to the coming week, the spotlight will be on the US PCE price index, the second estimate of US Q4 GDP, ISM Manufacturing PMI, and a series of speeches from Fed officials.
The Nifty future closed positive with gains of 0.46% at 21925 levels. India VIX was down by 2.34% from 15.81 to 15.44 levels. Volatility cooled off from its highs and gave way to the bulls at crucial support zones.