Hot Stocks | HDFC Life, HUL, ICICI Bank can give 12% return in short term

Nifty is trading between the short and medium-term averages and a breakdown below the 50-day average placed at 11,180 would push the markets lower.

On the higher side, multiple resistances at 11,650-11,700 levels would cap the upside.

The breadth continues to remain weak with swift correction in mid-cap and small-cap indices from their recent highs after a sharp up-move over the previous few months.

The geopolitical concerns between India-China and global market volatility would continue to weigh on markets in the immediate term, depending upon the news flow.

Bank Nifty is near its strong support levels of 21,800-22,000 and it gives a good opportunity to add longs in private banking stocks after the correction from its 200-day average.

Nifty Metals could see some corrective action as double top on monthly charts and price action over the past few days confirm a down move from current levels.