India stock futures turn positive, seen range-bound

MUMBAI, Nov 4 - Indian stock futures swung into positive territory on short-covering on Wednesday, but analysts expect the November series to trade in a range. "We are not at all surprised with the quantum of run-up this market has seen . It's predominantly because of short covering," Siddharth Bhamre, investment strategist at Angel Broking, said.

The November Nifty futures contract <NIFc1> closed up 3.2 percent at 4,705.20 points, a discount of 5.6 points, to the spot index <.NSEI>, which ended up 3.22 percent at 4,710.8 points.

On Tuesday, Nifty futures ended down 3.15 percent at 4,559.35.

The market saw heavy short covering in real estate sector, he said. Country's top realtor DLF <DLFnsc1> rose 10 percent, while Indiabulls Real Estate <INRLnsc1> was up 16 percent on short covering, Reuters data showed.

"I except further upside move from here. The bounceback has more legs. Probably we will go to 4,800-4,850 levels," Bhamre said.

But for the November series, Bhamre expects the futures market to stay range-bound between 4,600-5,000.

"We are seeing a range now with 4,600 from the lower side and 5,000 in the higher side."