Hot Stocks | Can buy Asian Paints, TV Today and AstraZeneca Pharma for the short term

Indian markets began this week with a negative bias as bears took charge and dampened sentiment on the back of weak global cues.

Selling pressure was seen in banking, metal and pharmaceutical counters while IT shares witnessed some buying interest.

On the derivatives front, call writers added hefty open interest at 11,400 and 11,500 strikes while put writers added marginal open interest at 11,300 and 11,200 strikes.

On the technical front, secondary oscillators suggest that the market could trade in a volatile manner with Nifty likely to consolidate in the range of 11,200 to 11,500 levels and Bank Nifty within the range of 22,300-23,300 levels in the coming sessions.

For the upcoming week, we expect that the 11,400 to 11,500 range would remain crucial and would act as a major hurdle for Nifty.

However, bulls could make a comeback only if Nifty manages to give a decisive move above 11,500 levels. Till then, stock-specific action would remain on the radar.