Hot Stocks | Asian Paints, Chola Finance, Lux Industries can give up to 12% return in the next 3-4 weeks

After slipping toward three month low, Nifty recouped most of the losses of Budget day and managed to reclaim 11,950 levels on local bourses with a closing well above its 100-days exponential moving average on a daily interval.

Bank nifty also witnessed smart recovery from its recent lows and closed well above 30,650-mark, supported by a sharp rise in private banks like HDFC Bank, Kotak Mahindra Bank and ICICI Bank along with gains in some of the financial names.

On the derivatives front, heavy put writing was observed at 11,800 and 11,900 put strike while 12,000 call strike holds maximum open interest build up in the weekly contract.

For the coming sessions, Nifty should take a breather and hold in the range of 11,850-12,050 after witnessing highly volatile moves from the last few days. However, traders should keep stock-specific action on the radar on the back of the ongoing result season.