Hot Stocks | Here's why UBL, GAIL can give up to 12% return in short term

It was a great start for the new trading week as well as the month.

In May, there was a gap down opening on the first day and on June 1, that downside gap area was filled.

Our markets continued their upward trajectory to enter a five-digit territory beyond 10,000 after nearly three months.

After a good headstart, markets took a pause and saw some profit-booking for a couple of days. But without much damage, the buying re-emerged at lower levels on June 5 to conclude the week with a whopping 6 percent gains from the previous weekly close.

Technically, last Monday’s gap up opening turned out to be a game-changer for the bulls. Because After the April month's ecstatic move, the month of May started with some negativity which got reversed with such a bounce.

Since the previous gap was filled by yet another gap, this time bears got caught completely on the wrong foot.

Now looking at the current setup, we remain upbeat as long as Nifty holds and sustains 9,900.

Since the recent move was mainly propelled by the banking space, we were convinced with the rally in the last couple of weeks.