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“I personally feel that the stability of the government will cause them to be able to pass more bills in Parliament and therefore concentrate on long-term benefits for the economy rather than worry about what will happen in the general elections. The 13 factors should sustain the bull market at least for 2024.”

On the technical charts, the RSI of the stock stood at 61.54.

A total of 1,162 shares changed hands on the counter till 02:05PM (IST).

As of 30-Sep-2023, promoters held 0.0 per cent stake in the company, while FIIs held 15.51 per cent and domestic institutional investors had 4.68 per cent.

"Today the entire financial ecosystem is a lot wider and is a combination of lenders and non-lenders, platforms and balance sheet oriented companies. We see reasonable value and comfortable valuations here. Also, growth will emerge in the technology sector towards the second half of 2024. These are the places where we are hunting for opportunities and buying them a ride."

Short buildup means more people are expecting the prices to go down and creating short positions

"Speculation around an impending approval of Bitcoin spot ETF has fueled the asset into a 19-month high near $42,000. While BTC encounters strong resistance at this level, once breached, there is a clear path to $48,000 in the upcoming weeks," said Vikram Subburaj, CEO of Giottus Crypto Platform.

Coming to the buildup of fresh short positions, when the stock prices move downward and open interest on the counter increases, it is taken as a sign of a long build-up.

The Nifty IT index fell nearly 1% to 32343.90 points, and the Nifty 50 was trading 0.5% up at 20786.05. The 50-stock index scaled a record high of 20849.60 points.