3321: Hot Stocks | Can bet on Prakash Industries, Happiest Minds Technologies, Sun Pharma for short term
Last week, despite being a truncated one, was not at all short of action as we saw good traction in some of the individual pockets, especially on the last session.
The index is currently undergoing a time-wise correction and hence, it remained in a small trading band throughout last week.
As far as levels are concerned, 14,900, followed by 15,050 remain to be a sturdy wall, but the way charts are placed now, due to last Thursday’s late surge, the possibility of testing and even going beyond this cannot be ruled out.
The hourly chart exhibits the configuration of a bullish cup and handles pattern and any sustainable move beyond 14,900 would strengthen this structure to attract some buying interest in the heavyweight constituents as well.
This bullish structure will get negated if Nifty slides below 14,600 and hence, one should keep a close tab on how the market moves in the first half of this week. The levels of 14,800 and 14,670 are immediate supports.
In the week gone by, the financial stocks did not participate much in Tuesday’s up move but they proved their significance on the last day as it single-handedly propelled Nifty beyond 14,800 towards the fag end on the weekly expiry session.
This space plays a vital role if our benchmark has to move beyond the 15,000 mark.
Apart from this, metal stocks had a mesmerizing rally throughout the week as some of the steel counters soared as if there is no tomorrow.
The stocks from the cash segment did exceedingly well after a lull of nearly four weeks. It’s advisable to focus on such potential movers.
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