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During this surge, six midcap stocks from the Nifty200 index managed to hit new 52-week highs

“If we fail to cross 19,800 and break to around 19,680, it would be a sign that the short-term trend has turned down and we do see further selling and possibly going back to 19,400. Early indications from some of the other indices like Bank Nifty and Smallcap Index show that Nifty will possibly give up and head to those lower levels.”

Besides, the brokerage has also shared the list of companies it remains bearish on given the challenges and risks to earnings growth. These are Tech Mahindra, Cummins India, Asian Paints, Gujarat Gas, and Tata Power.

“Initially, thinking of quick commerce, most people were banking on grocery as the primary category. Now a lot of companies are releasing items during the festive season. A lot of gold and silver coins, Ganpati idols were sold on these platforms. Going forward, growth will be driven by consumers getting added and the number of monthly and annual transacting users going up.”

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“A market rally would have happened if there was some excitement going forward. I do not think that is happening. Our belief is that it will be more of a flat line. The market probably can be divided into two parts. One will be prior to elections, and one will be post-elections because the state elections will basically be an eye-opener.”

A total of 36,799 shares changed hands on the counter till 01:28PM (IST).

The stock quoted a 52-week high price of Rs 2050.0 and a 52-week low of Rs 1190.0.

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 signal is considered more reliable if the volume on the counter has also seen an increase as the stock price declines.

The stock has tumbled 12% since Nov. 13 when Singhania announced separation from Nawaz Singhania, his wife of 32 years and a Raymond board member, erasing more than $180 million in market value. The shares fell as much 4.4% on Wednesday, set for the biggest drop since Oct. 25.