The Nifty index witnessed selling pressure near its crucial resistance levels around 10,200 levels. But, nevertheless, it was a strong day on D-Street as market gains for the 2nd day in a row to close at over 1-week high. More than two shares advanced for every share falling on the BSE.
The index which opened at 10,188 rose to an intraday high of 10207 before bears took and control and pushed the index below 10,200. The Nifty hit an intraday low of 10,139 before closing the day at 10,184, up 53 points.
India VIX moved down by 1.10 percent at 15.02. On the options front, maximum Put open interest is placed at 10,000 followed by 10,100 strikes while maximum Call open interest is at 10,200 followed by 10,500 strikes.
According to Pivot charts, the key support level is placed at 10,146.63, followed by 10,109.07. If the index starts moving upwards, key resistance levels to watch out are 10,214.83 and 10,245.47.
The Nifty Bank index closed at 24,434.2 on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 24,301.43, followed by 24,168.67. On the upside, key resistance levels are placed at 24,531.93, followed by 24,629.67.
The Nifty futures on the Singaporean stock exchange were trading lower by around 60 points at 10,150, a rise of around 0.59 percent. This indicates that the domestic market is likely to open on a positive note.
Moneycontrol.com has collated a list of trading ideas from top market experts which one can take cues for better returns:
Ashwani Gujral of ashwanigujral.com
Buy Bajaj Finance with a stop loss of Rs 1750, target of Rs 1810
Buy SRF with a stop loss of Rs 1980, target of Rs 2040
Buy Firstsource Solutions with a stop loss of Rs 50, target of Rs 57
Buy M&M Financial Services with a stop loss of Rs 454, target of Rs 480
Buy Bajaj Finserv with a stop loss of Rs 5200, target of Rs 5350
Buy Symphony with a stop loss of Rs 1780, target of Rs 1860
Buy Indusind Bank with a stop loss of Rs 1770, target of Rs 1835
Buy DHFL with a stop loss of Rs 515, target of Rs 532
Mitessh Thakkar of miteshthacker.com
Buy Pidilite Industries above Rs 916 with stop of 913 tgt of 955
Sell Shree Cements with a stop loss of Rs 16380 and target of Rs 15500
Sell Balrampur Chini with a stop loss of Rs 83 and target of Rs 77
Buy Nestle India with a stop loss of Rs 7950 and target of Rs 8450
Buy Bajaj Finserv with a stop loss of Rs 5195 and target of Rs 5400
Buy Berger Paints with a stop loss of Rs 251 and target of Rs 270
Sell Federal Bank below Rs 89.5 with stop loss of Rs 91.2 and target of Rs 85
Prakash Gaba of prakashgaba.com
Buy Hindalco Industries with target at Rs 225 and stop loss at Rs 215
Buy Hindustan Petroleum Corporation with target at Rs 357 and stop loss at Rs 338
Sandeep Wagle of powermywealth.com
Sell National Aluminium Company with a stop loss at Rs 69 for target at Rs 63
Buy Berger Paints with a stop loss at Rs 254 and target at Rs 268
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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