Hot Stocks | Mindtree, Infosys, Shree Cement can give double-digit return in short term

The Indian market began this week with Nifty surging to two-month high despite Moody's downgrade of India's long-term sovereign rating by one notch - from ‘Baa2’ to ‘Baa3.

The sentiment got supported by firm global equities and reassurance by Prime Minister Narendra Modi that India will return to growth.

On the derivative front, we are continuously witnessing open interest build up in Puts with writers shifting to the upper band.

This suggests that bias is likely to remain bullish for the upcoming sessions as well. On the technical front, now 10,050 mark would act as an immediate hurdle for Nifty where its 100-days exponential moving average is placed on daily charts.

However, a move above that can further add follow up buying and Nifty can move towards 10,400 as well in coming sessions. On the downside, 9,700-9,600 zone would be a major support for Nifty.