The market closed on a buoyant note on Thursday, led by banking sector stocks and short-covering in Nifty futures. The 13.8 per cent industrial growth in July is likely to lift both the benchmark indices to new 52-week highs when the markets reopen on Monday.

Trading data in the Nifty September futures for the week ended September 9 signal a long build-up in the Nifty futures, BankNifty and several stocks futures from banking, metals and cement sector.

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Among other stock futures, a strong rally is expected in Tata Steel and IDBI Bank, while Tata Motors, Reliance Industries and Bharti Airtel are expected to see some correction. Tata Steel is poised to go up to around Rs 612 and IDBI Bank may see a price level of Rs 153 early next week. The market picture data indicates a volume-based price target of Rs 188 for Hindalco. Tata Motors may see some correction around Rs 998, based on trading volume on Thursday.

The options traders covered short positions in the 5,500-5,600-strike calls and built up some long positions in the 5,700-strike call during the week ended September 9. The 5,600-strike put added 7.69 million shares to the open interest (OI) last week in a rising market, which throws up 5,600 as the new support level. Fresh additions in the OI in the 5,700-strike put suggest the bulls are in dominance and that the Nifty may achieve a level of 5,700-plus in the near future.

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end on a strong note - Nabard FY14 operating surplus soars 28% to Rs 1,635 cr - RBI eases banks' term deposit restrictions - NMDC Q4 net down 21.74% to Rs 1,642.28 cr - Balrampur Chini Q4 profit up by 15%

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