3266: Hot Stocks | L&T Technology Services, Nippon Life India Asset Management, Aarti Industries can give up to 13% return in short term
Bulls made a smart comeback in the last two sessions after Indian markets witnessed a deep cut in the week gone by.
Nifty managed to surpass 14,900 on the back of short-covering done by Call writers at 14,800 strike.
On the technical front, the index almost made a V-shape recovery after testing the 14,470 mark on the downside where it took support at its 50-day exponential moving average on the daily charts.
At the current juncture, Call writers are seen shifting to 15,000 strike which should act as an immediate hurdle for Nifty while on the downside 14,800 and 14,700 will act as crucial support for the index.
For the upcoming sessions, we expect volatility to grip the market and a seesaw move in Nifty and Bank Nifty.
Traders should keep stock-specific action on the radar with bias likely to remain in favour of bulls as long as Nifty holds above 14,700 level.
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