The March sell-off in smallcap stocks, induced by adverse comments from Sebi, has proved to be just a small blip with the smallcap indices back to making record highs every other day once again. While many investors continue to be worried over frothy valuations, there are at least 213 smallcaps in which both the big boys - FIIs and mutual funds - raised stakes in the March quarter.
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Tata Steel on Thursday said it has reached a formal agreement with trade unions in UK, paving way for a £1.25 billion electric arc furnace project at its Port Talbot plant to replace two aged blast furnaces. Bringing trade unions on board was one of the last and crucial steps before the steelmaker could proceed with its plan, which British media has reported will see as many as 2,800 job losses.
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As per the options data of the weekly expiry scheduled on 02nd May, 22,900 and 23,000 Call strikes have high OI concentrations, indicating a strong resistance, while on the Put side, high open interest concentrations were in 22,000, 22,500, and 22,400, hinting towards support, explained Palviya. Stock recommendation for Friday by Rajesh Palviya 💰Firstsource Solutions 💰Canara Bank 💰JSW Steel
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