Hot Stocks: Short-term trend bullish, but 12,000 still a strong hurdle for Nifty
Episode 1917, Nov 20, 2019, 02:00 AM
Volatility once again gripped the Indian market as a tug of war between the bulls and bears kept the benchmark indices in a specific range.
However, on the back of continuous buying in PSU banks, heavyweights like Reliance Industries, Infosys and Bharti Airtel, the Nifty managed to close above 11,900 levels.
On the derivatives front, call writers at 11,900 strike were seen covering their short position along with fresh additions of open interest in puts.
On the higher side, 12,000 should act as a strong hurdle for Nifty spot as call writers are holding more than 23 lakh shares.
On the technical front, both indices are trading in a rising channel, with the formation of higher tops and higher bottoms, which suggests that the short term trend is likely to remain bullish.
As long as Nifty is holding above the 11,800-mark, the trend is likely to remain bullish. On the higher side, any decisive move above 12,000 level will accelerate the buying momentum towards 12,100.