Hot Stocks: Here’s why JB Chemicals & Eris Lifesciences could give over 12% return in 3-4 weeks
Episode 2004, Dec 11, 2019, 02:00 AM
Indian markets kick-started this week on a negative note with Nifty50 slipping well below 11,900 mark tracking weak global cues and as traders unwind long positions at higher levels.
From the derivative front once again, call writers were seen adding hefty open interest (OI) at 11900, and 12000 strikes which point towards a limited upside into the prices.
On the other hand Put writers were are also seen shifting to lower bands with narrow open interest build up. From the technical front, the Nifty50 is currently trading near the crucial support levels of 11850-11800 levels and it can be considered as make or break level.
In the coming session, if 11800 levels get violated decisively on the downside then we might witness further sell-off in prices towards 11700 levels as well.
As far as Bank Nifty is concerned, 31,500 levels would be crucial hurdle levels on the higher side and the index may trade under pressure as far it is holding below that. On the downside, the immediate support for Nifty is placed at 30,850 for Bank Nifty.