Hot Stocks | Here's why Wipro and Asian Paints are buy calls for the short term

After showing weakness last Friday, Nifty shifted into a consolidation mode on Monday, showing minor upside recovery from the lows and closed the day with minor gains.

A small body of negative candle was formed with long lower shadow. This pattern indicates the formation of Doji type candle pattern which indicates the possibility of a minor upside in the next session.

The formation of a lower high of 11,584 of September 3, the presence of Nifty below the key multiple supports, and the formation of a significant bearish engulfing pattern of August 31 are all pointing towards limited upside possibility from here and there is a chance of a resumption of weakness from the highs in the next few sessions.

The bearish engulfing pattern on the weekly chart is also intact, hence any rising attempt from here could encounter selling pressure at the highs.

The last week's high of 11,794 could be considered as a near-term top for the market as of now.

The near term negative trend status remains intact for the market and any upside bounce from here up to 11,450-11,500 is going to be a 'sell on rise' opportunity.