November 2 was a strong day for the market as the Sensex rallied 580 points and Nifty 50 surpassed critical resistance of 10,450 levels and closed a tad above 10,550. Sharp recovery in the rupee, fall in crude oil prices and rising hope of trade negotiations between the world's largest economies US and China boosted investor sentiments.
After decisively surpassing near-term hurdle of 10,450 levels, the index could be heading towards the next critical resistance of 10,700 levels followed by consolidation, according to experts.
After opening above the 10,450 level, the Nifty 50 witnessed sustained buying throughout the session to extend its gains above 10,600 levels intraday. Finally the index closed 172.55 points higher at 10,553, forming a bullish candle on daily and weekly charts.
India VIX fell by 5.01 percent to 18.23 levels.
Falling VIX from last three sessions suggests some bullish price setup but VIX has to go down below 17-16 zones to confirm the short term reversal and a decent bounce back after the sharp cut of last two months.
According to Pivot charts, the key support level is placed at 10,471.47, followed by 10,389.93. If the index starts moving upwards, key resistance levels to watch out are 10,620.77 and then 10,688.53.
The Nifty Bank index closed at 25,701.65, up 378 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 25,515.2, followed by 25,328.7. On the upside, key resistance levels are placed at 25,872.2, followed by 26,042.7.
Here are the top stock trading ideas which can give good returns in the near term:
Dinesh Rohira of 5nance.com
Buy Hindalco Industries with target at Rs 253 and stop loss at Rs 238
Buy Marico with target at Rs 352 and stop loss at Rs 320
Sell Info Edge India with target at Rs 1425 and stop loss at Rs 1520
Rajesh Agarwal of AUM Capital
Buy BEML with stop loss at Rs 665 and target of Rs 720
Buy Axis Bank with stop loss at Rs 600 and target of Rs 625
Buy Hindalco Industries with stop loss at Rs 230 and target of Rs 255
Buy PNB Housing Finance with stop loss at Rs 855 and target of Rs 892
Buy Indiabulls Real Estate with stop loss at Rs 80 and target of Rs 86
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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