The Nifty witnessed selling pressure post opening but managed to retrace about 50 percent of its intraday losses which made a ‘Hanging Man’ kind of pattern on the daily charts.
The market witnesses a significant selloff in the trading session just like we saw in Wednesday’s trading session but still manages to recoup some of the losses and closes below the opening level.
The index opened at 10612.40 which was similar to its intraday high of 10612.60. Bears pushed the index below 10600 to hit an intraday low of 10536 before closing at 10,570, down. The index closed below its 5-days exponential moving average (DEMA) placed at 10572.
Traders are advised to remain cautious ahead of F&O expiry on Thursday as there could be wild movements on either side. But, as long as 10500 holds, bulls have nothing to fear, for now.
India VIX moved up by 5.14 per cent at 12.50. On the options front, maximum Put OI is seen at 10500 followed by 10400 strikes while maximum Call OI is seen at 10700 then 10600 strikes.
According to Pivot charts, the key support level is placed at 10,533.8, followed by 10,497.1. If the index starts moving upwards, key resistance levels to watch out are 10,609.9 and 10,649.3.
The Nifty Bank index closed at 24,814.4. The important Pivot level, which will act as crucial support for the index, is placed at 24,701.53, followed by 24588.67.
On the upside, key resistance levels are placed at 24,960.33, followed by 25,106.27.
Below are the top trading ideas by market experts which can give good returns today:
Dharmesh Shah of ICICIdirect.com
Buy Emami with target at Rs1360 and stop loss at Rs 1012
Buy Royal Orchid Hotels with target at Rs 259 and stop loss at Rs 205
Buy Majesco with target at Rs 632 and stop loss at Rs 522
Prakash Gaba of prakashgaba.com
Buy Hindustan Unilever with target at Rs1480 and stop loss at Rs 1452
Buy Tata Global Beverage with target at Rs 295 and stop loss at Rs 286
Sell Bank of Baroda with target at Rs 130 and stop loss at Rs 140
Sell Tata Steel with target at Rs 574 and stop loss at Rs 594
Rajesh Agarwal of AUM Capital
Buy Automotive Axles with target at Rs 1580 and stop loss at Rs 1490
Buy UltraTech Cement with target at Rs 4210 and stop loss at Rs 4070
Buy Shilpa Medicare with target at Rs 493 and stop loss at Rs 455
Sell Bharat Heavy Electricals with target at Rs 81 and stop loss at Rs 89
Sell Wipro with target at Rs 277 and stop loss at Rs 294
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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