The Nifty rallied 6.2 percent in April after 8 percent fall seen in February and March which resulted in a strong bull candle on the daily candlestick charts on Monday.
Formation of a strong bullish candle suggests that the momentum is strong and there is a higher possibility now for the index to hit levels closer to 10,900, suggest experts.
It is forming higher highs and higher lows on the daily scale from the last three trading sessions which indicates that supports are gradually shifting higher.
The Nifty which opened at 10,705.75 slipped marginally to hit an intraday low of 10,704.60. It hit an intraday high of 10,759 before closing 47 points higher at 10,739.35.
India VIX moved rose by 2.85 percent at 12.36. Lower volatility suggests that bulls are holding the tight grip on the market. Volatility has been falling for last four consecutive weeks.
According to Pivot charts, the key support level is placed at 10,709.6, followed by 10,679.9. If the index starts moving upwards, key resistance levels to watch out are 10,764.0 and 10,788.7.
The Nifty Bank index closed at 25,531.6. The important Pivot level, which will act as crucial support for the index, is placed at 25,458.43, followed by 25,385.27. On the upside, key resistance levels are placed at 25,611.13, followed by 25,690.67.
Below are the top trading ideas by market experts which can give good returns today:
Vinay Rajani of HDFC Securities
Buy Marico with target at Rs 365 and stop loss at Rs 312
Buy IRB Infrastructure Developers with target at Rs 325 and stop loss at Rs 250
Buy Crompton Greaves Consumer Electrical with target at Rs 260 and stop loss at Rs 217
Rajesh Agarwal of AUM Capital
Buy Kotak Mahindra Bank with target of Rs 1240 and stop loss at Rs 1185
Buy Selan Exploration Technology with target at Rs 270 and stop loss at Rs 252
Buy IRB Infrastructure Developers with target at Rs 295 and stop loss at Rs 272
Buy NCC with target at Rs 143 and stop loss at Rs 129
Buy Aditya Birla Capital with target at Rs 168 and stop loss at Rs 155
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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