Hot Stocks | Ajanta Pharma, Britannia and Navin Fluorine can return 21-23% in short term

The Indian market began the week on a positive note with Nifty scaling 9,350 and Bank Nifty crossing 20,500-mark on April 28, 2020.

Banking and financial stocks were in focus on April 28 as sharp rally was seen in Bajaj Finance, Axis Bank and IndusInd Bank which majorly supported the rally in the banking index.

On the derivatives front, we are observing a continuous addition of open interest at 9,300 and 9,200 put strike which should act as immediate support for the Nifty.

However, on the higher side, 9,500 call strike still holds the maximum open interest of nearly 26 lakh shares which could be key resistance for the market from the expiry point of view.

On the technical front, Nifty has been consolidating in a broader range of 8,900 to 9,500 from the last few sessions and is still holding back below its major moving averages on daily charts.

We believe that the market is likely to consolidate in the range of 9,200-9,500 in the coming few sessions with traders being more focussed on stock selection on the back of earnings announcements.