Hot Stocks | Can bet on OMDC, Piramal Enterprises for short term

For the last couple of weeks, global uncertainty was not letting us move higher but the moment they started cooling off, our market took off and in the process, the Nifty managed to surpass the psychological sturdy wall of 15,000 with some authority.

Last week, although there was no major momentum seen in the index, the undertone was bullish and hence, slowly and steadily we marched towards record highs.

With Friday’s extended move, the Nifty went on to post a new high on an intraday as well as on a closing basis.

Until Thursday, banking and IT were the major contributors to the move. But the sleeping lion Reliance Industries finally seems to have awakened as it single-handedly led the market at a new high on the concluding day of the week.

As far as levels for Nifty are concerned, 15,600 is the immediate point above which there is no major level visible before yet another milestone of 16,000.

But it would be difficult to gauge whether the extended move from hereon would be similar (slow and steady) in nature or it would have some faster legs in between.

On the other hand, 15,300 – 15,150 – 15,000 are immediate supports.

Sectorally, one after other different themes are expected to play out well and it’s better to stick to a stock-specific approach because the low-hanging fruit is already gone and from hereon it would not be easy at all to do stock picking.

The banking sector has been a bit inconsistent of late but we still believe that this heavyweight space has a lot of potential and is likely to drive the market at higher levels.

Despite having highlighted a lot of positive factors, we would advise traders not to get complacent. Hence, it’s better not to get over leveraged and should follow strict stop losses for existing positions.