Hot Stocks | SBI, Tata Power, GAIL can give double-digit return in short term. Here's why

Episode 3567,   Jan 21, 2022, 05:40 AM

The Nifty fell for the 3rd straight session facing strong selling pressure at higher levels and ended the session lower by about 1 percent on Thursday.

On January 20, the Nifty bounced off the 17,640 support cluster of 100-day SMA (17,633) and the December 13 breakout level (17,640) and also managed to defend the 20-day SMA (17,745) on closing basis.

On the open interest front, maximum open interest (for January monthly expiry) on Calls has been shifted lower to 18,000 strike as it would act as a major hurdle going ahead.

On the downside, the index has major support in the 17,550-17,650 zone.

The index has been witnessing massive selloff since January 18, dragging the index below the 18,000 mark. The Nifty is placed very close to the support zone and is also oversold on the shorter time frame. Thus, in the sessions to come, we might see the index consolidate between the 18,000 and 17,550.