Hot Stocks | Alkem Laboratories, Ajanta Pharma, Larsen & Toubro Infotech can give up to 17% return in short term
Episode 3420, Jun 30, 2021, 12:30 AM
The Indian market witnessed selling pressure at higher levels as Nifty slipped below 15,750 due to profit booking on June 29.
Metal and auto space along with banking counter dragged the market while pharma and FMCG showed some buying interest.
On the derivatives front, Call writers were observed adding hefty open interest at 15,800 and 15,900 strikes while Put writers were seen shifting to lower bands.
Bank Nifty managed to hold above 35,000 which could act as strong support for the index in the upcoming sessions.
On the downside, any break below 34,900 could add further selling pressure on Bank Nifty. For Nifty, 15,650 will be immediate support below which the index can further slide to 15,450 as well.
In the upcoming sessions, any sharp gains in the market may remain capped as long as Nifty trades below 15,900.
A tug of war between bulls and bears is likely to keep markets on a volatile path.