Among put options, the 10,500-strike still has the highest open interest of nearly 60 lakh shares. From the technical front, 10,500-10,480 will act as crucial support for the market.

In the recent sessions, the Nifty50 index remained under pressure due to the liquidation of long positions. The derivative data has turned slightly negative and is indicating the probability of further profit booking.

We have seen aggressive call writing and put unwinding in recent trading sessions as call writers were seen active in 10,700, 10,800 and 10,900 strike calls indicating limited upside.

The short buildup by FIIs post-Karnataka election results is one major factor which makes us cautious. Last week, the highest options open interest concentration has shifted at the 10,800 call strikes from 11,000 call strike which again indicates towards limited upside moving forward.

Among put options, the 10,500-strike still has the highest open interest of nearly 60 lakh shares. From the technical front, 10,500-10,480 will act as crucial support for the market.

However, if the Nifty manages to fall below the mentioned support level, then further selling pressure could take the index towards 10,300 levels as well. On any bounce, the index will face strong resistance at 10,700-10,750 levels.

Here is a list of top three stocks which could give up to 14% return in the short term:

Manpasand Beverages Limited: Buy| Target: Rs 500| Stop loss: Rs 405| Return 13%

From the past three months, the stock has been trading in a range of Rs 355-425 along with consistent buying at lower levels. However, from the past two weeks, the momentum has been shifted towards the north.

The stock has regained strength above its long-term moving averages on a daily interval. Additionally, we have also witnessed a fresh breakout in prices this week above the Cup and Handle pattern formed on the daily charts which support for the next up move.

Traders can accumulate the stock in a range of Rs 440-450 levels for the target of Rs 500 and a stop loss below Rs 405.

Crompton Greaves Consumer Electricals Limited: Buy| Target Rs 268| Stop loss: Rs 225|Return 11%

The stock has been witnessing a sideways movement from the past fourteen weeks as prices are oscillating alongside its 200-days exponential moving average on the daily charts.

This consolidation move has formed a symmetrical triangle pattern on the daily and weekly interval. The breakout above the pattern formation can lead to next up move in prices as divergence on secondary indicators like Rsi and stochastic are also supportive and current juncture.

Traders can accumulate the stock in a range of Rs 240-245 for the upside target of Rs 268 and a stop loss below Rs 225.

ADF Foods Limited: Buy| Target Rs 285| Stop loss: Rs 230| Return 14%

After forming a double bottom formation on the weekly charts around Rs 190 levels, the stock bounced back sharply and regained momentum above its short and long-term moving averages.

Additionally, the stock has also given a neckline breakout above the inverted head and shoulder pattern which is visible on the weekly interval.

The hefty volumes with the rise in prices suggest that bulls are taking control over the stock and we may witness more upside in prices in coming sessions as well.

Therefore, one can accumulate the stock in the range of Rs 250-255 levels for the upside target of Rs 285 levels and a stop loss below Rs 230.

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Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.