Hot Stocks: Traders should start booking profits near 12,200 levels
Episode 1875, Nov 08, 2019, 02:00 AM
We have witnessed a historic week on the D-Street. The S&P BSE Sensex registered a new life high of 40,688 and the Nifty50 spot closed above 12K mark.
Till now, during the week, the Nifty50 has been gradually rising and is up more than 1 percent so far. Meanwhile, the Nifty Bank index has been rising steadily in line with the Nifty index.
Going ahead, since Nifty50 closed above 12,000 mark it has the potential to reach the target price of 12,200 levels. Even the daily RSI is above 70 which is in line with the price action.
The support on the downside has been shifted higher to 11,800 from 11,600 level. We would advise traders to hold their longs but with a strict stop loss of 11,800 in the Nifty.
At the same time, we would also like to highlight that the index has rallied from 11,100 till now without any meaningful correction.