Hot Stocks | Three mid-cap names that can give up to 10% return in short term

Nifty continued its northward journey for the second day in a row to close at 10167 levels on June 8, highest since 11th March. Nifty has risen in eight out of the last ten days, gaining over 10 percent.

During the last week, Nifty convincingly crossed its previous intermediate highs of 9,889 touched on April 30, 2020.

The 14-day RSI reading above 60 and the 13-day SMA crossing above the 50-day SMA indicates a reversal of the recent intermediate downtrend and more upsides in the intermediate-term.

Next gap resistance for Nifty is placed at 10,334. Far resistance is seen around 10,550 level which is the 61.8 percent retracement of the entire fall seen from 12,430 to 7,511.

Earlier resistance of 9,889 levels would interchange its role as a support. In the derivatives also, we have seen Put writing at 9,900-10,000 levels. Therefore 9,900-10,000 level would act as immediate support for the Nifty.

As Nifty has already risen more than 10 percent in the last 10 trading sessions, Nifty may move up gradually but the focus of the traders should be on the midcap stocks.