3067: For Tuesday: Hot Stocks | ONGC, HDFC AMC can give up to 11% return in short term
In the week gone by, Nifty registered a fresh record high of 13,145, but saw some profit-booking at higher levels.
However, it didn’t correct much as the undertone remained strongly bullish. In fact, we saw modest recovery towards the fag end to conclude the week with nearly a percent gain around the 13,000-mark.
November was a historical month for our markets as we saw two key indices, Nifty and Bank Nifty, clocking sizable gains over 11 percent and 23 percent, respectively.
Nifty surpassed its previous record high and reached the milestone of 13,000. FIIs have been the charioteer of this mesmerizing rally as they relentlessly pumped money into our market to mark the biggest single-month inflows over Rs 50,000 crore.
Coming back to the levels, 13,040 - 13,146 remain an immediate resistance zone, whereas, on the lower side, 12,900 - 12,868 - 12,790 can be seen as a cluster of supports.
With last week’s minor decline, 12,790 - 12,730 has become sacrosanct support and till the time it is not breached convincingly, one should trade with a positive bias.
Although the overall trend has been strongly bullish, we still believe that one should avoid aggressive bets. Focus on individual stocks with proper risk management.
The ideal range for the coming sessions would be 13,150 - 12,730 and till the time we do not break out outside this range, we are likely to see trades on both sides, especially in indices.
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