Hot Stocks: Next 100 points will be very crucial for the Nifty; here’s why

Nifty50 needs to clear the immediate hurdle placed around 11,700. This being a truncated week, the index has failed to clear the hurdle so far.

The index remained range-bound during the past three sessions and is currently trading with a weekly change of -0.68 percent. Meanwhile, the NiftyBank (-0.04%) index is extremely flat from its previous week’s close.

Now, there is a slight change in our view. Earlier, 11,700 was a strong hurdle for us but now we are of the opinion that the range of 11,700 – 11,800 is decisive for the markets.

Going forward, a move above 11,800 could be an extremely strong sign for the bulls because above 11,800, the index has the potential to make a new life high (somewhere near 12,200 levels is possible).

The next 100 points will be very crucial for the Nifty. We advise traders to hold their longs but with a strict stop-loss of 11,500. A move below the same might halt the upside momentum and we could witness some profit booking.