Hot Stocks | Here's why Century Textiles, Concor, Tech Mahindra can give up to 20% return in short-term

Nifty witnessed a sharp up move from the support levels of 8,950 with broad-based momentum across sectors and stocks.

Large private sector banks and auto stocks led the up move and the breach of 9,250 gave a strong breakout in high beta sectors like Realty, Metals and Midcaps.

Nifty50 has gained by 5 percent while midcaps and small caps gained by 3 percent each for the week.

Among individual sectors Pvt Banks, Metals and Auto indices have gained by 11.5 percent, 7.8 percent and 5.9 percent, respectively, while Energy, FMCG and IT underperformed the broader markets to gain in the range of 1-3 percent for the week till date.

We remain positive on markets with higher targets of 9,750-9,800 levels filling the gap levels it had left at the start of the May series.

On the downside now, strong supports would be in the range of 9,050 levels near the 50-day average and any decline near 9,250 would be a good opportunity to add longs.