NSE Nifty opens up at 6,792.70: reports

Mumbai: The NSE benchmark Nifty opened up at 6,792.70 and traded between a high of 6,813.40 and a low of 6,665.15 before ending at 6,779.40, a marginal gain of 3.10, or 0.05 per cent.

Brokers said hectic short-covering ahead of expiry of  April contract of futures and options next week boosted  buying. Investors were taking fresh positions in blue-chip shares available at attractive levels before a long week-end.  Foreign institutional investors (FIIs), who were net  sellers for the first two days, again turned buyers as they infused Rs 278.30 crore during the shortened week , as per SEBI data. 

"Markets continue to be driven by expectations of a favourable election outcome. Early implementation of important domestic reforms is needed for markets to sustain and move up  from current levels," said Dipen Shah of Kotak Securities. 

Jignesh Chaudhary, Head of Research, Veracity Broking  Services said, "The Nifty and Sensex initially encountered  correction, but bounced back later. The markets were expected to take major cues from the Q4 results of Reliance Industries. Lower-than-expected numbers might affect  the markets next week." The economic calendar in the coming week will see some important data related to US economy. These are related to home sales and core durable goods order. 

"Technical indicators are suggesting a bullish trend  in the coming days for Indian markets. The Nifty is expected  to trade in the range of 6,700-6,800 and Sensex between 22,600  and 23,800 levels," concluded Chaudhary.