Rajesh Agarwal of AUM Capital recommends buying Yes Bank with stop loss at Rs 197 and target of Rs 212 and Tamil Nadu Newsprint with stop loss at Rs 265 and target of Rs 290.
Benchmark indices started off November month on a flat note on Thursday after losing around 5 percent in previous month. It was a roller coaster ride for the market amid mixed quarterly earnings and October sales. The broader markets outperformed frontliners with Nifty Midcap index gaining 0.87 percent.
The Nifty index after opening sharply higher at 10,441.70, which was also the intraday high, traded in a tight range of 70 points throughout the session. It touched a day's low of 10,341.90, before closing 6.10 points lower at 10,380.50.
The index made small bearish candle on daily charts, which resembles a 'Bearish Belt Hold' kind of pattern.
According to Pivot charts, the key support level is placed at 10,334.3, followed by 10,288.1. If the index starts moving upwards, key resistance levels to watch out are 10,434.3 and then 10,488.1.
The Nifty Bank index closed at 25,323.65, up 170.40 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 25,168.2, followed by 25,012.7. On the upside, key resistance levels are placed at 25,440.4, followed by 25,557.1.
Here are the top stock trading ideas which can give good returns in the near term:
Hadrien Mendonca of IIFL
Buy Axis Bank with target at Rs 652 and stop loss at Rs 585
Buy Berger Paints with target at Rs 314 and stop loss at Rs 284
Buy BPCL with target at Rs 308 and stop loss at Rs 275
Rajesh Agarwal of AUM Capital
Buy Yes Bank with stop loss at Rs 197 and target of Rs 212
Buy Tamil Nadu Newsprint with stop loss at Rs 265 and target of Rs 290
Buy Bajaj Electricals with stop loss at Rs 490 and target of Rs 525
Buy Saregama India with stop loss at Rs 547 and target of Rs 585
Buy Indraprastha Gas with stop loss at Rs 269 and target of Rs 292Disclaimer: 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.