Hot Stocks | PFC, Bodal Chemicals, Maruti Suzuki can give double-digit return in short term

Nifty managed to close at a 15-week high level overcoming minor hiccups during last week.

Weekly 'Heikin Ashi' candle continues as a bullish flat bottom candle and has given closing above the last three candles’ highs.

Also, Nifty has given a breakout of 'cup and handle' larger degree pattern and the target as per that pattern comes to 11,200.

Daily RSI is sustaining above its 9-day SMA, also adding strength to the current ongoing momentum.

At the same time, the upside movement towards 200-DMA above 10,900 in the coming days is highly probable.

However, the confirmation of the new range will come only above 10,600 where Nifty will cross 61.8 percent retracement mark of March fall.

Buying on dip strategy should be continued till market trades above 100-DMA.

The banking index managed to give a 'cup and handle' pattern breakout by closing above 21,100 and the target, as per the pattern, will reach 24,000 which suggests a bullish movement ahead in mid-term.

Nevertheless, the trading range for the banking index will be 23,300 on the higher side and 20,000 on the lower side for the coming week.