The Nifty finally negated formation of lower highs and lower lows formation on a daily scale which means buying was witnessed at lower levels. The index which opened at 10,653.15 rose to an intraday high of 10,725.65. It slipped to an intraday low of 10,635.65 to close at 10,715.50, up 97.25 or nearly 1 percent.
India VIX moved up by 2.94 percent at 13.64. On the options front, maximum Put OI is placed at 10,500 followed by 10,600 strikes while maximum Call OI is placed at 11,000 followed by 10,800 strikes.
According to Pivot charts, key support level is placed at 10,658.9, followed by 10,602.3. If the index starts moving upwards, key resistance levels to watch out are 10,748.9 and 10,782.3.
The Nifty Bank index closed at 25,852.1. The important Pivot level, which will act as crucial support for the index, is placed at 25,713.7, followed by 25,575.3. On the upside, key resistance levels are placed at 25,952.0, followed by 26,051.9.
Here are the stop buy and sell ideas by market experts which can give good returns in the short term:
Nandish Shah of HDFC Securities
Buy Tata Global Beverages with target at Rs 315 and stop loss at Rs 278
Buy Camlin Fine Sciences with target at Rs 128 and stop loss at Rs 108
Buy DCB Bank with target at Rs 206 and stop loss at Rs 198
Prakash Gaba of prakashgaba.com
Buy ICICI Bank with target at Rs 300 and stop loss at Rs 288
Buy Jindal Steel & Power with target at Rs 265 and stop loss at Rs 250
Buy Mahindra & Mahindra with target at Rs 905 and stop loss at Rs 870
Buy Reliance Industries with target at Rs 990 and stop loss at Rs 963
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
Rajesh Agarwal of AUM Capital
Buy India Cements with stop loss at Rs 136 and target at Rs 146
Buy BEML with stop loss at Rs 1040 and target at Rs 1095
Buy CESC with stop loss at Rs 1045 and target at Rs 1085
Buy Tata Steel with stop loss at Rs 587 and target at Rs 608
Buy Tata Global Beverage with stop loss at Rs 287 and target at Rs 303
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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