The Nifty opened at 10,518 and slipped to an intraday low of 10,490, but then the bulls took charge and pushed the index back above 10,500. The index made an intraday high of 10,558 before closing the day 20 points higher at 10,536.
The Nifty closed below its 100-day moving average and 50-day Double Exponential Moving Average (DEMA) which does not augur well for the bulls. The latter will only gain strength once the Nifty closes above its 5-DEMA placed around 10,600.
India VIX fell by 5.6 percent at 13.60 levels. On the options front, maximum put open interest (OI) is intact at 10,500 followed by 10,000 strikes, while maximum call OI is placed at 10,800 followed by 11,000 strikes.
According to Pivot charts, the key support level is placed at 10,498.6, followed by 10,460.5. If the index starts moving upwards, key resistance levels to watch out are 10,566.7 and 10,596.7.
The Nifty Bank index closed at 25,777.7 on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 25,670.77, followed by 25,563.84. On the upside, key resistance levels are placed at 25,915.17, followed by 26,052.63.
Here are the top stocks to buy or sell for good returns in the near term:
Shitij Gandhi of SMC Global Securities
Buy Manpasand Beverages with target at Rs 500 and stop loss at Rs 405
Buy Crompton Greaves Consumer Electricals with target at Rs 268 and stop loss at Rs 225
ADF Foods: Buy| Target Rs 285| Stop loss: Rs 230
Prakash Gaba of prakashgaba.com
Buy Havells India with target at Rs 560 and stop loss at Rs 538
Buy Persistent Systems with target at Rs 850 and stop loss at Rs 807
Rajesh Agarwal of AUM Capital
Buy Havells India with stop loss at Rs 536 and target at Rs 560
Buy Tata Motors with stop loss at Rs 297 and target at Rs 322
Buy Wockhardt with stop loss at Rs 645 and target at Rs 675
Buy State Bank of India with stop loss at Rs 247 and target at Rs 263
Buy Bajaj Electricals with stop loss at Rs 590 and target at Rs 623
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.