Hot Stocks: Fear of a corrective move remains; book profits at higher levels

For the third consecutive week, the domestic market was spooked by profit-booking at higher levels. The benchmarks have been range-bound, whereas the broader markets witnessed selling.

For more than six straight sessions, we have witnessed negative market breadth. During the week, Nifty has been trading in a band of 170 points with a change of 0.61 percent.

Meanwhile, the Nifty Bank index has been gradually rising higher and is currently trading with a change of 1.10 percent from its previous week’s closing price.

While the Nifty spot cleared 12,000 mark several times during this week, it failed to close above this level. On the downside, 11,800 support is still intact.

So, we can conclude that the index is stuck between 11,800 and 12,000, and only a move on either side will dictate the further trend.