Hot Stocks | JK Lakshmi Cement, Crompton Greaves Consumer, Supreme Industries three buy calls for short term
Episode 2744, Jul 29, 2020, 12:30 AM
Nifty showed strength on Tuesday, closing at 11,300.55 after spending a few sessions in a narrow range of 11,100 to 11,225.
The gains were supported by auto and IT constituents along with cement counters. A recovery in banking stocks also made the Indian market reverse Monday's losses and end near the highest point of the day.
On the derivatives front, short-covering was seen by call writers at 11,200 strike while huge call unwinding in Bank Nifty was also observed at 22,000 call strike.
Bank Nifty has now immediate hurdle placed at 22,500, above which, it can move towards 22,750 levels as well in the coming sessions.
As far as Nifty is concerned, we believe that it will remain bullish as long as it trades above 11,200.
On the higher side, it can move towards 11,400 to 11,450 in the coming sessions.