The Nifty snapped its 9-day winning streak on Wednesday, but managed to close above its crucial support level of 10500 for the third consecutive day in a row.
The index formed a bearish candle on the daily candlestick charts after a Hanging Man pattern recorded in the previous trading session which suggests that the momentum seems to be fading.
However, the Nifty closed above its crucial 5-days exponential moving average (DEMA) which offers some hope to the bulls. However, if the index breaches 10495 in Thursday’s trading session, chances are that the trend could tilt in favour of bears.
The Nifty which opened at 10578 rose to an intraday high of 10,594 before bears walked in. The index slipped to an intraday low of 10509 before closing 22 points lower at 10,526.
According to Pivot charts, the key support level is placed at 10,492.53, followed by 10,458.87. If the index starts moving upwards, key resistance levels to watch out are 10,577.03 and 10,627.87.
The Nifty Bank index closed at 25,102.3. The important Pivot level, which will act as crucial support for the index, is placed at 24,965.14, followed by 24,827.97.
On the upside, key resistance levels are placed at 25,333.14, followed by 25,563.97.
Here are the top stock ideas by market experts which can give good returns:
Dharmesh Shah of ICICIdirect.com
Bajaj Finserv: Buy | CMP: Rs 5372.00 | Target: Rs 6095.00 | Stop loss: Rs 5190
Munjal Showa: Buy | CMP: Rs 229 | Target: Rs 269 | Stop loss: Rs 208
PNC Infratech: Buy | CMP: Rs 175 | Target: Rs 205 | Stop loss: Rs 166
Prakash Gaba of prakashgaba.com
JSW Energy | Rating: Buy | Target: Rs 88, stop loss: Rs 84
Indian Bank | Rating: Sell | Target: Rs 292, stop loss: Rs 312
Karnataka Bank | Rating: Sell | Target: Rs 117, stop loss: Rs 124
Rajesh Agarwal of AUM Capital
Alkem Laboratories | Rating: Buy | Target: Rs 1815, stop loss: Rs 1750
V-Guard Industries | Rating: Buy | Target: Rs 253, stop loss: Rs 236
Prakash Industries | Rating: Buy | Target: Rs 218, stop loss: Rs 199
Axis Bank | Rating: Sell | Target: Rs 500, stop loss: Rs 533
Reliance Capital | Rating: Sell | Target: Rs 421, stop loss: Rs 448
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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