The support of Nifty seems to be at 14,100 and 14,000 being the psychological level. Weekly closing of Nifty above 14,300 suggests a possible rally till 14,500 where it may halt in order to rally to 14,750.
Following are some picks for the upcoming week:
1. HDFC Bank Ltd (NS:) Jan 1500 CE (18-20)
Stop Loss: 9
The stock is taking the support of 1410 and ripe for a breakout above 1445 and also sustaining above its near term moving averages. Further upward momentum is expected once the level of 1445 is breached. The PCR of 0.6 suggests a possible bullish movement and as sustained above 32,000 the chances that it will fare well also has increased.
2. Hero MotoCorp Ltd (NS:) Jan 3200 CE (87-89)
Stop Loss: 49
The stock has given a breakout above its daily level of 3150 and closed above it. With the recent positive momentum in the Automobile sector, further momentum is expected. With a PCR of 0.6, one can expect to see the impending bullish rally.
Disclaimer: The analyst does not hold a position in any of the stocks mentioned above.