Hot Stocks: Remain bullish with the stop loss of 11,883; next target seen at 12,300

Episode 1969,   Dec 03, 2019, 02:00 AM

Profit booking continued for the second day in the row with Nifty falling by 8 points to close at 12048 levels on Monday. However, the primary trend of the Nifty is still bullish with index trading above its 20, 50, 100 and 200-DMA.

The index is also forming higher tops and higher bottoms which is positive signs for the bulls. The index has also been trading in the rising wedge pattern on the daily charts.

In the week gone by, the Nifty50 found resistance on the upper band of this Wedge and witnessed profit booking. The 20-DMA acted as a reversal point in the recent past, and at present, this moving average is placed at 11,964 which would act as immediate support for the Nifty50.

Technical indicators are suggesting that the positional trend of the market is still bullish. The trend of the market would continue to remain bullish until the Nifty violates the recent low of 11,883.