Hot Stocks | TCS, M&M, Cummins India can give up to 11% return in short term

Nifty tested 16,350 level in intraday trade on August 10 on a fresh round of buying in IT and private bank stocks.

TCS, Infosys, Tech Mahindra, Kotak Mahindra Bank, HDFC Bank and Axis Bank have added smart gains in the last few sessions.

However, metal along with PSU banks remained low as profit booking near record highs capped upside.

On the derivatives front, Put writers added hefty open interest at 16,200 strike and hold maximum contracts there.

Call writers were seen adding open interests at 16,300, 16,400 and 16,500 strikes.

For the coming sessions, we expect the bias to remain in favour of bulls as long as Nifty remains above 16,000.

The banking index is facing a strong hurdle in the range of 36,200-36,400, above which, the index could continue its journey towards 37,000.