These 3 stocks may deliver 24% as F&O expiry week begins tomorrow

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The benchmark Indian indices finally ended their seven-week winning streak as investors tried to take some money off the table ahead of the holiday season. The Nifty suffered heavy profit-booking in the week ended December 22 mainly because of short-term overbought conditions along with renewed Covid concerns. The index initially registered a high of 21,593 and then went into a selloff that forced it to sneak below 21,000. However, the bulls managed to recoup some of the losses and helped the index to close near 21,350 with a marginal loss of 0.50 percent.On the daily chart of Nifty spot, we see a bearish candlestick formation and that is a concern. Also, after making a low of 20,976, the index recovered sharply but failed to clear the hurdle near 21,400, which is the 61.8 percent retracement of the recent fall. Till the time 21,400 is not taken out on a closing basis, the pullback can be considered a part of the downturn. A move above this might kick off yet another round of rally that can lead the index towards 21,800.On the other hand, one should keep a note of FII’s long-short ratio in index futures around 66 percent till December 21. Once this ratio crosses the 70 percent mark, markets might start preparing for a temporary short-term top formation. On the downside, a move below 20,976 might shake the confidence of bulls and that can lead to further profit-booking. Thus, the current week being a monthly expiry week starting on December 26 can be a trend-setter for January 2024.Once again the Nifty Bank index was the culprit since it underperformed the benchmarks by a decent margin. The index lost around 1.5 percent during the week and closed near 47,500. In the coming week, 48,200–47,000 seems to be a trend-deciding range for the index. A breakout or a breakdown from the given range might dictate further course of action for the index.Here are three buy calls for next 2-3 weeks:Crompton Greaves Consumer Electricals: Buy | LTP: Rs 301.8 | Stop-Loss: Rs 275 | Target: Rs 350 | Return: 16 percentSince a week or so, the counter has gained momentum. From a retracement perspective, alternate wave retracement comes exactly near 0.618 and 1.628 of its previous up move, thus making it a lucrative buy. Having said that, time and price retracement are falling at the same length, which is a strong indication of bottoming out. (Time retracement is 100 percent and p...

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