Hot Stocks | Coal India, NIIT Tech, Tata Motors can give double digit return in short term
Episode 2669, Jul 03, 2020, 12:30 AM
Nifty witnessed some sell-off in the early part of the week but managed to bounce sharply holding its short term average and crossed its last week’s high to close at 10,552 on July 2.
Banks led the up-move followed by IT and FMCG.
The pullback from lower levels in broader markets and the two key sectoral indices breaking their 200-day average signals that the headline index Nifty is eyeing its higher band to test its long term average placed at 10,890 levels in the current up-move.
It may be negated if it breaks the current week lows placed at 10,225 levels.
Monthly auto sales numbers of June are encouraging after two months' underperformance with a strong positive move in the sector.
The first-quarter results for FY21 will start trickling from the middle of the month which will provide the next direction from the current levels.
We continue to remain positive on defensive sectors like IT and FMCG over the next few weeks.