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Short covering signals a shift in view on a security from extreme bearishness to bullishness.

“FMCG is one area which one needs to avoid. I do not think sustenance of 60-70 PEs for most of these stocks – I am talking about one-year forward PEs – is possible, given that even the rural markets are not firing and the growth rates are in low teens or even high single digits as such. So, that is one area that you need to avoid.”

The index closed 239 points lower at 43,449. It fell to an intraday low of 43,230 and reported an intraday high of 43,692. The Nifty50 index rose 28 points to close at 19,811

“Pharma had been going through bad times for the last 18 months in terms of stock price. Earnings were not that great but will turn around and that is one segment where we are playing. IT is also there. It is coming on our horizon after a long time. Because we have been underweight on this for quite some time, like we used to say, buy local, avoid global.”

Those same strategists also said in response to an extra question value stocks, which have trailed overall equity performance in recent years as investors chased technology and other shares, will outperform growth stocks

The stainless steel maker said equity shares of the company held by promoters and promoter group will now be free from any encumbrances.

While 19850 is proving to be a tough resistance to break, the short- term trend of Nifty remains range- bound with a positive bias. A decisive move above 19850-19900 levels is expected to open a sharp upside towards new all-time highs

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