Hot Stocks | IDFC First Bank, Concor can give up to 19% return in the short-term

The most dreadful F&O series of March 2020, fortunately, ended on an optimistic note for the domestic markets on March 26.

Nifty recovered sharply in the last three sessions but ended the series with a loss of over 25 percent.

Although it recovered sharply from the lows, the index has been trading in the red for the fifth consecutive week.

Meanwhile, the Nifty Bank index has lost around 3 percent from the previous week and is trading just below 20,000-mark.

Until the previous week, we had a view that the range of 8,000–7,000 can be a place where the market is likely to bottom out.

This was mainly due to the major hidden divergence in the monthly RSI of Nifty. In line with that view, the index has turned after touching the low of 7,511 and is trading 1,000 points above this mark.

At present, the index has managed to close above its short term 5-days exponential moving average for the first time in the last month.

Also, we are witnessing a positive crossover in the daily RSI smoothened oscillator and that too, from a highly oversold zone.