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Hot Stocks | Advanced Enzyme Technologies, Redington, Adani Total Gas may fetch double-digit returns in short term. Here's why

The structure of Redington is very impressive. It is trading above all of its important moving averages with a positive bias in momentum indicators.

December 07, 2022 / 06:05 AM IST
 
 
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The Nifty50 is witnessing some profit booking from 18,888 level; however, the overall texture is still bullish, where 18,600–18,550 is an immediate demand zone and the 20-DMA (day moving average) around 18,440 is the next support level.

On the upside, 18,735 is an immediate hurdle, and then 18,888 and 19,000 are the next resistance levels.

Bank Nifty is consolidating nicely above the 9-DMA, while the 20-DMA around 42,700 is the next important support level. On the upside, 43,500 is an immediate hurdle; above this, we can expect fresh momentum towards 44,000.

The good part of the current market is that FIIs' long exposure in index futures has come down to 66 percent and the Put Call ratio has slipped into oversold territory without any major correction in the market, therefore Nifty may resume its bullish momentum from current levels.