Hot Stocks | Marico, NMDC can see up to 19% jump in the short term

Nifty crossed its 200-days average on the higher side with sharp outperformance in banking and financials.

The benchmark index closed at the higher end of the range near 76.4 percent retracement of the entire fall from 12,431 to 7,511 levels.

The index is up 9 percent, while mid-cap and small-cap indices are up 4 and 6 percent, respectively, from the last derivatives expiry till date.

Among individual sectors, IT, energy, auto and banks gained 18.8 percent, 8.9 percent, 8.3 percent and 7.3 percent, respectively, while realty and PSU banks are underperformers, declining 5.3 percent and 1.4 percent, respectively, from the last expiry till date.

We believe one should book partial trading profits at current levels and wait for some correction in broader markets.

With the derivatives expiry next week, we expect the markets to trade volatile with rollover movement in individual sectors and stocks.

On the higher side, 11,500 CE strike has the highest OI of 35.1 lakh shares while 11,000 PE strike has OI of 38.2 lakh shares. A breakdown below 10,950 would trigger a sharp selloff in index pivotal.