Hot Stocks | IEX, Rallis India, Deepak Nitrite three buy calls for the short-term

Nifty fell more than 100 points from the intraday high to close with a loss of 24 points at 11,440 on September 14.

During last week, the benchmark index took support at 50-day SMA, which is placed at 11,200 currently, and bounced back sharply.

This support also coincides with the recent swing low of 11,185, registered on September 9.

In the Nifty options segment, we have seen Put writing at 11,200 -11,300 levels.

There are multiple pieces of evidence that suggest that Nifty is likely to find strong support around 11,200 levels and unless it closes below this level, the uptrend will remain intact.

On the higher side, immediate resistance is seen around 11,585 which is the recent swing high.

We believe that, rather than anticipating the resistance or top, it is advisable to remain bullish with a trailing stop loss strategy in the index as well as in the stocks.