The Nifty rallied for the 9th consecutive day in a row on Tuesday but the index failed to close above 10550 levels. It formed a ‘Hanging Man’ kind of pattern for the second time in the last four trading sessions which suggests caution.
The index registered a Hanging Man kind of pattern on 11th April and it recorded a similar pattern on Tuesday. A hanging man is a bearish candlestick pattern that gets usually formed at the end of an uptrend.
The Nifty which opened at 10557 slipped to an intraday low of 10495. It bounced back to hit its intraday high of 10560 before closing 20 points higher at 10,548.
According to Pivot charts, the key support level is placed at 10,509.43, followed by 10,470.17. If the index starts moving upwards, key resistance levels to watch out are 10,574.23 and 10,599.77. The Nifty Bank index closed at 25,334.4. The important Pivot level, which will act as crucial support for the index, is placed at 25,238.07, followed by 25,141.73. On the upside, key resistance levels are placed at 25,416.67, followed by 25,498.93.
Here are the top stock ideas by market experts which can give good returns:
Shitij Gandhi of SMC Global Securities Ltd
NOCIL Limited: Buy | Target: Rs 260 | Stop loss: Rs 205 | Return: 15%
NRB Bearing Limited: Buy | Target: Rs 188 | Stop loss: Rs 154 | Return: 13%
Supreme Industries Limited: Buy | Target: Rs 1450 | Stop loss: Rs 1180 | Return: 13%
Prakash Gaba of prakashgaba.com
CG Power: Buy | Target: Rs 84 | Stop loss: Rs 81.50 | Return: 2%
ITC: Buy | Target: Rs 275 | Stop loss: Rs 265 | Return: 3%
Jet Airways: Buy | Target: Rs 680 | Stop loss: Rs 630 | Return: 5%
Rajesh Agarwal of AUM Capital
NCC: Buy | Target: Rs 143 | Stop loss: Rs 129 | Return: 7%
HDFC Bank: Buy | Target: Rs 1983 | Stop loss: Rs 1920 | Return: 2%
Power Grid Corporation of India: Buy | Target: Rs 213 | Stop loss: Rs 199 | Return: 4%
Lupin Limited: Buy | Target: Rs 818 | Stop loss: Rs 795 | Return: 2%
BEML: Sell | Target: Rs 1101 | Stop loss: Rs 1155 | Return: 2%Disclaimer
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