Hot Stocks | Wipro, Clean Science, Crompton Greaves may rally 10-14% in short term

About this update from Clean Science & Technology Ltd.

December 2023 marked a significant milestone for the Indian market, as it turned out to be the best December in terms of gains since 2003. Unlike the surge of over 16 percent seen in 2003, this time, the month ended with a gain of approximately 8 percent. The year as a whole proved to be exceptional for the domestic market, despite various geopolitical challenges.The benchmark indices experienced a remarkable growth of around 20 percent throughout the year, making it the eighth straight year of positive performance. During this period, the Nifty index reached a significant milestone of 21,800. In the final week of October 2023, we confidently predicted a bottom when the Nifty index was approaching the 19,000 mark. This prediction was based on the long-short ratio of FII index futures, which had reached nearly 10 percent. Since then, the index has rallied by approximately 3,000 points without any significant dips.There are no signs of exhaustion on the price chart or momentum oscillators, except for a negative divergence in the daily RSI (relative strength index). However, the long-short ratio of FII's index future is now hovering around 70 percent. In the past 2-3 years, whenever this ratio has reached the range of 70-75 percent, we have observed a temporary top in the markets. This suggests that there may still be some room for further upside in the Nifty, but it could potentially be the final phase of the rally, followed by heavy profit-booking.In terms of levels, the next psychological hurdle for the Nifty could be at 22,000, followed by 22,400. These levels could indicate the beginning of a corrective move. Traders are advised to maintain a cautious approach with regards to long positions.For individual stock opportunities, it is crucial to adhere to strict stop losses, especially for small and midcap stocks. On the downside, immediate support is expected at 21,400, while 21,000 is considered a crucial support level.Despite the Nifty Bank index's impressive performance in December 2023, surpassing the benchmark indices with a surge of over 8.5 percent, the overall performance of the index in the year 2023 was not as remarkable. Throughout the year, the index only gained over 12 percent, suggesting a significant underperformance.However, there is currently a new breakout in the index, indicating the potential for further growth towards the milestone of...

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