The Nifty, which started the week with a mildly negative bias, failed to build momentum on Tuesday. The bears were successful in pushing the index below its crucial support placed at around 10,600.
The index made a 'Hammer'-like pattern on the daily candlestick chart. The long lower shadow of the Hammer signifies that it tested its support and then bounced back. The index bounced back near its 50-day EMA placed at around 10,549.
Investors are advised to remain cautious, and a decisive breach of 10,550 during the week could well put bears in the driving seat, suggest experts. On the other hand, a close above 10,620 could put bulls in a fighting position.
The Nifty, which opened at 10,630, rose marginally to hit an intraday high of 10,633.15. Bears took control in the second half and pushed the index below 10,600 to hit an intraday low of 10,550. The index closed 35 points lower at 10,593.15.
According to Pivot charts, its key support is placed at 10,551.67, followed by 10,510.13. If the index starts moving upward, key resistance levels to watch out are 10,633.97 and 10674.73.
The Nifty Bank index closed at 26,251.0. The important Pivot level, which will act as crucial support for the index, is placed at 26,099.6, followed by 25,948.2.
On the upside, key resistance levels are placed at 26,372.4, followed by 26,493.8.
Here are the top stock trading ideas which can give good returns in the near term:
Abhishek Mondal of Guiness Securities
Buy Sanofi India with target at Rs 5,335 and stop loss at Rs 4,880
Buy Axis Bank with target at Rs 510 and stop loss at Rs 551
Prakash Gaba of prakashgaba.com
Buy Arvind with target at Rs 392 and stop loss at Rs 380
Buy Hindustan Petroleum Corporation with target at Rs 325 and stop loss at Rs 312
Rajesh Agarwal of AUM Capital
Buy Cipla with stop loss at Rs 530 and target at Rs 556
Buy Bharat Petroleum Corporation with stop loss at Rs 395 and target at Rs 418
Buy Tata Global Beverage with stop loss at Rs 255 and target of Rs 275
Sell Zee Entertainment Enterprises with stop loss at Rs 557 and target of Rs 529
Sell Idea Cellular with stop loss at Rs 60 and target of Rs 51
Ashwani Gujral of ashwanigujral.com
Sell Voltas with a stop loss of Rs 524, target of Rs 500
Sell Bank of Baroda with a stop loss of Rs 131, target of Rs 120
Sell Bharat Heavy Electricals with a stop loss of Rs 76, target of Rs 68
Buy Bajaj Finance with a stop loss of Rs 2080, target of Rs 2160
Buy Maruti Suzuki with a stop loss of Rs 8790, target of Rs 8870
Sudarshan Sukhani of s2analytics.com
Sell Voltas with stop loss at Rs 527 and target of Rs 505
Sell UltraTech Cement with stop loss at R 3700 and target of Rs 3580
Sell Tata Motors with stop loss at Rs 290 and target of Rs 275
Buy BPCL with stop loss at Rs 400 and target of Rs 420
Buy Jubilant Foodworks with stop loss at Rs 2535 and target of Rs 2630
Mitessh Thakkar of mitesshthakkar.com
Sell Biocon with a stop loss of Rs 627 and target of Rs 570
Sell L&T Finance Holdings with a stop loss of Rs 168.5 and target of Rs 155
Buy Pidilite Industries with a stop loss of Rs 1074 and target of Rs 1125
Sell Zee Entertainment with a stop loss of Rs 553 and target of Rs 524
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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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