Nifty is on track to hit 9,500. Check out why

Good amount of open interest addition was seen in 9500 call option, analysts say

After a consolidation of few days, our market opened on a cheerful note on back of positive global cues on Wednesday. The Nifty started moving higher right from the word go and managed to end the session a tad above 9400 mark. 

We witnessed meaningful long build-up in both Nifty (6.95%) and BankNifty (4.74%) for the first time in May series. The rally was supported by broad market participation. Among index gainers, Bharti Airtel, HUL, M&M and Kotak Bank added good amount of fresh longs; however, short covering move was observed in Aurobindo Pharma, RIL, HDFC and Cipla.

As far as index