Hot Stocks | Here's why ACC, Shree Cement can give up to 15% return in short-term
Episode 2556, May 27, 2020, 12:30 AM
Once again after a gap up opening, the Indian market could not hold on to its gains and fell sharply into the negative territory on the back of weakness in some of the heavyweight names like TCS, Infosys and Bajaj twins.
On the derivative front, call writers once again added hefty open interest at 9,100 and 9,200 strike which limited the sharp upside in the index.
On the technical front, 8,800-9,300 range would remain crucial in the coming sessions and we may witness a tug of war among bulls and bears to continue.
We expect the market to feel pressure at higher levels. It is likely to remain volatile with some stock-specific action.
On the downside, a slide below 8,800 in Nifty could add further selloff which could take prices towards 8,600. While on the higher side, 9,300 would be a crucial resistance level above which, call writers can be seen short-covering.