The Nifty witnessed a breakout in morning trade which pushed the index above 10640 and then 10700 levels in trade on Friday. However, the index failed to close above this level making a bullish pattern similar to ‘Opening Marubozu’ candle on the daily charts.
The index opened at 10,651 and slipped to an intraday low of 10,647.55. It hit an intraday high of 10,719.80 but then pared gains and closed at 10,692.30.
After a strong gap up opening, Nifty decisively closed above its critical resistance point placed around 10630 levels which has now opened fresh targets towards 10900 for May series, suggest experts. Traders can keep a stop below 10600 levels for all long positions.
India VIX fell down by 0.19 percent at 12. Lower volatility suggests that bulls are holding the grip on the market. Volatility has been falling for last four consecutive weeks.
According to Pivot charts, the key support level is placed at 10,653.27, followed by 10,614.23. If the index starts moving upwards, key resistance levels to watch out are 10,725.57 and 10,758.83.
The Nifty Bank index closed at 25,394.6. The important Pivot level, which will act as crucial support for the index, is placed at 25,135.7, followed by 24,876.8. On the upside, key resistance levels are placed at 25,547.5, followed by 25,700.4.
Below are the top trading ideas by market experts which can give good returns today:
Rohit Srivastava of BNP Paribas
Buy PTC India with target of Rs 102 and stop loss at Rs 86.70
Buy Piramal Enterprises with target at Rs 2900 and stop loss at Rs2550
Buy Ceat with target at Rs 1787 and stop loss at Rs 1508
Prakash Gaba of prakashgaba.com
Buy Apollo Tyres with target at Rs 300 and stop loss at Rs 290
Buy Century Textiles and Industries with target at Rs 1275 and stop loss at Rs 1245
Rajesh Agarwal of AUM Capital
Buy Reliance Industries with target at Rs 1039 and stop loss at Rs 960
Buy L&T Finance Holdings with target at Rs 178 and stop loss at Rs 163
Buy Gujarat Pipavav Port with target at Rs 159 and stop loss at Rs 143
Buy KRBL with target at Rs 455 and stop loss at Rs 434
Buy Bandhan Bank with target at Rs 524 and stop loss at Rs 490
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