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3042: Hot Stocks | ICICI Lombard, EID Parry, and ICICI Prudential can give up to 12% return in the short term
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Indian market started the week on a positive note with Nifty closing at a fresh record high on November 17, supported by auto, metal and financial stocks.
Upbeat global markets along with reports about the COVID-19 vaccine lifted the sentiment for domestic markets.
On the derivatives front, the rally was supported by short-covering, done by call writers at 12,700 and 12,800 strikes.
Furthermore, put writers added hefty open interest at 12,700 strikes and were seen shifting at higher bands.
On the technical front, now 13,000 should act as strong resistance for Nifty while 29,500 would be an immediate hurdle for Bank Nifty.
Strong support for Nifty lies at 12,600 levels.