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.
Varun Beverages traded well above all key moving averages (20, 50, 100 and 200-day EMA - exponential moving average) and saw a breakout of falling resistance trendline adjoining highs of September 29, and November 6, which is a positive sign.
Given the current global environment, including geopolitical tensions, a deep correction in the markets is a fear in investors mind, says Sonam Srivastava of Wright Research.