By V K Sharma

After falling for nine straight sessions from 18 September to 30 September, the Nifty finally regained momentum in the October series. It closed the holiday-shortened week 0.97% higher at 24,894. The Bank Nifty did even better with a gain of 2.21%, while metals stole the show as the sectoral index soared 3.93%.

Yet one thing remains unchanged — FIIs’ appetite for short-selling. October opened with their highest-ever short positions at 94%. The weak rupee is both cause and effect of FII cash-market sales. A close above 25,400 would send even battle-hardened FIIs scurrying to cover. For the mild-hearted, a nudge past 25,100 may suffice to trigger a rethink. Support lies at 24,587.

The Nifty had dropped 861 points from the 25,448 swing high of 18 September to a 30 Septe

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