Hot Stocks | HCL Tech, Pidilite, LTI can give up to 12% return in short-term
Episode 3114, Dec 23, 2020, 12:30 AM
Highly volatile moves were seen in the Indian market during the last few sessions as Nifty slipped towards the 13,150 mark from its record high on the back of profit-booking at higher levels.
However, a technical bounce on Tuesday once again took Nifty above 13,450 and the IT sector along with the pharma counter supported the up-move.
On the derivatives front, both Call writers and Put writers were seen active during the session. Put writers were seen adding hefty open interest at 13,300 and 13,200 strikes while 13,600 and 13,700 Call strikes also witnessed immense open interest build-up in the weekly contracts.
On the technical front, secondary oscillators suggest that volatility is likely to grip the market in the coming sessions.
The defensive counters like IT and pharma could witness follow-up buying while banking and financial names are expected to remain choppy.
On the higher side, 13,700 would act as a strong hurdle for Nifty with bias likely to remain rangebound along with high volatility.