Hot Stocks | Quick Heal, Strides Pharma, Hikal can give 11% return in short-term

Episode 2918,  Sep 29, 2020, 12:30 AM

Nifty continued its northward journey for the second day in a row where it gained a whopping 177 points to close at 11,228.

Last week, Nifty took support at 200-day SMA and bounced back nearly 450 points during the first two trading sessions of the October series.

The short-term trend has turned bullish as Nifty surpassed its 5-day simple moving average for the first time after September 17 which is currently placed at 11,074.

In the Nifty Options segment, we have seen Put writing at 11,000 levels.

Therefore, there are multiple pieces of evidence that suggest that on the downside, Nifty is likely to find strong support in the range of 11,000-11,100 and unless the index closes below 11,000, this pullback rally may continue.

Immediate resistance is seen around 11,300 which is the 50 percent Fibonacci retracement level of the correction seen from the high of 11,800 to the low of 10,790 levels.