Hot Stocks | ICICI Bank, Titan, REC can give up to 13% return in short term
Episode 2723, Jul 22, 2020, 12:30 AM
Nifty continued its winning streak for the fifth consecutive session, ending above 11,150 levels, backed by a sharp surge in banking and financial stocks along with buying momentum in oil and gas space.
On the derivatives front, short-covering was witnessed by call writers at 11,000 strikes while put writers were seen shifting to higher bands which point towards more upside in the coming sessions.
Bank Nifty is looking much stronger as compared to Nifty and we might witness banking stocks to outperform broader markets in the coming sessions.
On the technical front, Bank Nifty has given a hefty breakout above its 100-days exponential moving average on the daily charts which suggests momentum to remain intact in the coming sessions as well.
On the higher side, Bank Nifty has a strong hurdle at 23,000 levels, above which, it can rally till 23,300 levels as well.