Hot Stocks | Axis Bank, Coal India, HDFC can give up to 15% return in short term

Nifty has closed at 5-month high, recovering the complete selloff it had witnessed in March 2020.

The current short-term average is placed at 11,280 levels and it would act as strong support. On the higher side, 11,850-12,000 would act as strong resistance from the current levels.

Bank Nifty would continue to outperform and there is enough room left for it to test its 200-day average placed at 25,150 levels.

Nifty Midcap 100 index has resistance near its 200-week and 21-months average and it could witness some minor pullbacks on the downside from the current levels after a sharp outperformance of 11.6 percent for the current month.

There could be some minor profit-booking to test the short-term averages on the downside.