Hot Stocks | Bajaj Finserv, FSL may rise up to 10% in the short-term

Episode 2633,  Jun 22, 2020, 12:30 AM

Trading started with a downside gap on Monday (June 15) as the second wave of coronavirus started haunting market participants across the globe.

The sell-off extended to test the sub-9,750 levels but the benchmark made a sharp recovery to end the session in the positive territory. On Tuesday, the news of a clash at the India-China border emerged, and within no time, markets nosedived and remained under pressure for some time.

Fortunately, once again we managed to defend the key levels in the midst of all this uncertainty. The last two sessions turned out to be excellent for the bulls as we witnessed a good broad-based rally to eventually conclude the week convincingly above the 10,200 mark.

For the last couple of weeks, 10,000 had been acting as a sturdy wall. Due to the smart rally towards the fag end of the last week, we finally managed to traverse this barrier and head towards the recent highs.

It is always good to see when a rally is mainly propelled by the banking conglomerates because it generally provides credence to the move.

Looking at Friday’s close, the overall setup looks good and ideally we should make a move beyond our recent highs of 10,350-10,400 to test higher levels of 10,600-10,800 in the forthcoming week.