Market players are keeping a close tab on the Zee scrip. According to dealers, the scrip has been under severe selling pressure from FIIs. And the trend is still continuing. After Morgan Stanley sold heavily in the counter in the last two weeks, Jardine Fleming followed suit. On Friday it was the turn of Crosby to recommend and push the `sell' button in Zee, said dealers . However, according to rumours, a big operator is backing the scrip and trying to foil the designs of the foreign investors and word has spread that the counter will hit the roof coming Monday with the potential for gains estimated at Rs 200 from current levels.Small domestic players, on the other hand, are eagerly waiting to find out the support level for the scrip. Volumes were heavy today and in the last 10 minutes on BSE about 50 lakh shares were traded while on the NSE volumes were1.70 crore .
Reliance set for a rally
Is the Reliance scrip ready for another rally? Technical analysts say that the signs are very positive for the scrip to embark on another major upswing. ``From the current levels, technically, there is no stopping for the scrip for another Rs 40,'' said a technical analyst with a domestic broking house. On Friday, the Reliance scrip on the BSE closed at Rs 341 with 42.09 lakh shares changing hands.
ITC losing steam?
The big punter in ITC cashed in on the latest rally which took it to over Rs 800 from the ex-dividend level of Rs 720 at the beginning of the week. He is believed to have been the major supplier of the scrip in the last couple of days as the smaller operators went on a buying spree.
NIIT firms up
With NIIT deciding to hike the maximum FII holding limit in the company by an additional 10 per cent to 40 per cent, the counter witnessed some hectic buying on Friday. After opening at Rs 2227, the scrip had touched a low of Rs 2251 during the day, mainly due to sustained selling in IT counters.
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