Hot Stocks | Some profit-booking likely; Sunteck Realty, Laurus Labs two buy calls for the short-term

Last Monday Nifty started the proceedings with a decent upside gap, owing to favourable cues from the global bourses.

However, the momentum disappeared all of a sudden from the market which resulted in a lacklustre movement throughout the remaining part of the day.

Last week, Nifty gyrated in a slender range of merely 160 points. Amid all this, the benchmark index concluded the week with moderate gains of one and half a percent.

It’s been a stellar bull run for our markets since the March lows as markets never looked back to reach the crucial zone of 200-day SMA on the daily chart.

Lethargic activities, that we witnessed in the week gone by, was quite evident because the market has seen a relentless move without any major halt in between and has reached a crucial juncture.

Firstly, as mentioned, the key moving average of 200-day SMA on the daily chart which coincides with the Weekly 89-EMA as well as monthly 20-EMA and hence, the bulls had to respect them.

Ideally, if the market has to correct, this is the perfect zone from where it can.