Hot Stocks: Nifty below 12,200 but fresh highs possible in the coming weeks
Episode 2073, Jan 01, 2020, 01:30 AM
Indian markets begin this week on a muted note with some lackluster moves. However, in Tuesday’s session, traders lock profits at higher levels as markets ended the last trading session of 2019 on a negative note.
Traders were seen focused on stock-specific moves rather than the index as some mid-cap names performed during the last few sessions.
From the derivative front, Call writers were seen at 12300, 12250 & 12200 strikes which added hefty open interest (OI) and kept the markets under pressure.
From the technical front as well, 12300 levels should act as crucial resistance for the Nifty moving forward, because at current juncture the divergences on secondary oscillators on the daily and weekly intervals suggest further consolidation into the prices.