The Nifty saw week of consolidation as it remained in a narrow range of 142 points and ended with a Hanging Man kind of formation.
The index, which opened with a small gap on the upside in morning trade on November 9, failed to hold on to gains and turned negative making the same pattern on daily charts.
According to Pivot charts, the key support level is placed at 10,546.83, followed by 10,508.47. If the index starts moving upwards, key resistance levels to watch out are 10,621.53 and then 10,657.87.
The Nifty Bank index closed at 25,771.0 on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 25,638.93, followed by 25,506.87. On the upside, key resistance levels are placed at 25,506.87, followed by 25,954.87.
Here are the top stock trading ideas which can give good returns in the near term:
Dinesh Rohira of 5nance.com
Buy Glenmark Pharma with target at Rs 705 and stop loss at Rs 655
Buy RBL Bank with target at Rs 579 and stop loss at Rs 521
Sell Cipla with target at Rs 510 and stop loss at Rs 540
Rajesh Agarwal of AUM Capital
Buy Voltas with stop loss at Rs 523 and target of Rs 560
Buy RBL Bank with stop loss at Rs 544 and target of Rs 562
Buy Strides Pharma Science with stop loss at Rs 462 and target of Rs 495
Buy Godfrey Phillips with stop loss at Rs 823 and target of Rs 890
Buy Ceat with stop loss at Rs 1195 and target of Rs 1280
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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