Hot Stocks: Nifty50 likely to head towards 12,150-12,200 in next few sessions

Episode 1947,   Nov 27, 2019, 02:00 AM

After testing record highs in Tuesday’s session, the Nifty50 slipped back into the red zone and ended the day with a negative note on the back of profit booking at higher levels.

However, the index managed to close above 12,000 levels which should now act as immediate support in the coming sessions.

From the derivative front as well, 12,000 Put strike holds with the maximum open interest of more than 46 lakh shares. In the recent rally, Call writers at 12,000 strikes seen covering their short positions, along with the creation of fresh longs positions which reflects that bullish momentum is likely to continue.

On the technical front as well, the Nifty has given a decisive move above 12,000 levels after consolidating for more than two weeks in the range of 11,800-12,000.