Rajesh Agarwal of AUM Capital recommends buying Yes Bank with stop loss at Rs 205 and target of Rs 218, Torrent Power with stop loss at Rs 259 and target of Rs 274 and Indiabulls Real Estate with stop loss at Rs 82 and target of Rs 90.
After a blockbuster rally last week, the Indian market consolidated in a narrow range on November 5. The Nifty50 slipped below its crucial support placed at 10550 to form a 'Hanging Man' kind of pattern on the daily charts.
The Nifty50, which opened at 10,558.75, rose marginally to hit its intraday high of 10,558.80 which resulted in no upper shadow for the index. The bears' grip on D-Street was from the start and pushed the index below 10,500 in intraday trade.
However, bulls managed to push the index back above 10,500 levels towards the closing which is a positive sign. The Nifty50 finally closed 29 points down at 10,524.
Crucial support for the index is placed at 10,440 and below that at 10,200 levels. On the upside, Nifty50 is likely to face stiff resistance at 10,600-10,700 levels, suggest experts.
India VIX moved up by 6.87 per cent at 19.48 levels. 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 10,481.07, followed by 10,438.13. If the index starts moving upwards, key resistance levels to watch out are 10,562.87 and then 10,601.73.
The Nifty Bank index closed at 25,732.2. The important Pivot level, which will act as crucial support for the index, is placed at 25,581.66, followed by 25,431.13.
On the upside, key resistance levels are placed at 25,835.46, followed by 25,938.73.
Here are the top stock trading ideas which can give good returns in the near term:
Vinay Rajani of HDFC Securities
Buy Sterlite Technologies with target at Rs 420 and stop loss at Rs 340
Buy Torrent Power with target at Rs 290 and stop loss at Rs 248
Buy Coromandel International with target at Rs 475 and stop loss at Rs 405
Rajesh Agarwal of AUM Capital
Buy Yes Bank with stop loss at Rs 205 and target of Rs 218
Buy Torrent Power with stop loss at Rs 259 and target of Rs 274
Buy Indiabulls Real Estate with stop loss at Rs 82 and target of Rs 90
Buy ADF Foods with stop loss at Rs 244 and target of Rs 268
Buy ICICI Prudential Life Insurance with stop loss at Rs 350 and target of Rs 369Disclaimer: 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.