The stock reversed to test the resistance level of 1395 and has been holding above the resistance. The testing of the resistance confirms the breakout of the stock.
The current data points suggest that media, oil & gas and chemical stocks may outperform the frontline indices while IT, pharma and power stocks may witness selling pressure.
"I must admit, I am always a little confused and surprised as to why people continue to do that (bet in futures and options) knowing that the odds are not in their favour at all," the Sebi chairperson said during a BSE event.
From a technical standpoint, the 19700 level remains a significant resistance for Nifty, while support is observed in the range of 19450-19400, said Shrey Jain, Founder and CEO, SAS Online.