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Hot Stocks | Bet on Havells, Tata Communications, Cummins India for double-digit return in short term. Here's why

Shitij Gandhi of SMC Global expects momentum to continue towards north in upcoming sessions as well, as still lot of short position is held with Call writers which could trigger further short covering as far Nifty holds above 17,000 mark.

December 08, 2021 / 07:09 AM IST
 
 
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Shitij Gandhi, Senior Technical Analyst, SMC Global Securities

Indian markets snapped two-day losing streak and recovered sharply in Tuesday's session on the back of firm global markets. Both the Sensex and the Nifty closed with handsome gains as buying momentum was seen in banking, metal and auto stocks ahead of the RBI meeting on interest rates.

On the derivatives front, short covering was seen by Call writers at 17,000 and 17,100 strikes. On the flip side, Put writers added hefty open interest at 17,000 strike.

On technical front, the Nifty has once again managed to close above its 100-day exponential moving average (17,152) on the daily charts after a sharp recovery from lower levels.