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The Nifty started the session on Wednesday with a gap up, opening almost 100 points higher, but erased entire gains throughout the day. The index formed a bearish engulfing pattern on daily charts which suggests that bears are in charge once again.
In the market, auto stocks ended the session as worst performers whereas FMCG stocks outperformed the benchmark index for the day. The volatility index India, VIX, witnessed a rise of 3.51 percent in the previous trading session.
On the options front, 11,000 and 10,700 Calls added most open interest (OI) whereas 10,400 and 10,500 puts ended as most active.
Going forward, the Nifty is likely to consolidate within the range of 10,700 and 10,200 levels. A decisive breakout on either side will confirm the future trend.
A breakdown from the lower band of 10,200 may trigger selling pressure which may take the index towards 9,900.
On the other hand, 10,700 may act as immediate resistance; sustained trades above 10,700 may induce further rally towards 11000.
Here is a list of top three stocks which could give 8-9% return in the next 1 month:
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