The Nifty, which started on a bullish note ignoring muted global setup, failed to hold on to the momentum in the last hour of trade and closed near its opening levels making a ‘Long Legged Doji’ kind of pattern on the daily charts.
A typical long-legged Doji pattern is formed when the opening price is almost equal to the closing price but there was a lot of intraday movement on either side. The Nifty opened trading at 10,592 and closed at 10,584 on Monday. But, it witnessed a movement of 124 points in trade.
The Nifty rose to an intraday high of 10638 but then bears pushed the index lower below 10550 levels to touch an intraday low of 10514.95. The index finally closed 20 points higher at 10,584.
The Nifty witnessed profit booking at higher levels and now a close above 10630 could open up fresh target towards 10900 levels for the index. Till that time, investors are advised to remain cautious, suggest experts.
India VIX move up by 1.15 per cent at 13.08. On the options front, maximum Put OI was seen at 10500 followed by 10400 strikes while maximum Call OI was seen at 10700 followed by 10600 strikes.
According to Pivot charts, the key support level is placed at 10,520.37, followed by 10,456.03. If the index starts moving upward, key resistance levels to watch out are 10,643.67 and 10,702.63.
The Nifty Bank index closed at 24,960.7. The important Pivot level, which will act as crucial support for the index, is placed at 24,589.8, followed by 24,218.9.
On the upside, key resistance levels are placed at 25,207.9, followed by 25,455.1.
Below are the top trading ideas by market experts which can give good returns today:
Vinay Rajani, Technical Analyst, PCG Desk, HDFC Securities
Buy Thomas Cook with target at Rs 325 and stop loss at Rs 260
Buy NRB Bearing with target at Rs 195 and stop loss at Rs 168
Buy TAKE Solutions with target at Rs 230 and stop loss at Rs 190
Prakash Gaba of prakashgaba.com
Buy Asian Paints with target at Rs 1200 and stop loss at Rs 1165
Buy Granules India with target at Rs 115 and stop loss at Rs 107
Rajesh Agarwal of AUM Capital
Buy Salasar Techno Engineering with target of Rs 408 and stop loss at Rs 380
Buy Hikal Limited with target of Rs 269 and stop loss at Rs 252
Buy Astra Microwave with target of Rs 95 and stop loss at Rs 83
Buy Oberoi Realty with target of Rs 593 and stop loss at Rs 564
Buy Bajaj Electricals with target of Rs 703 and stop loss at Rs 665
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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