Rajesh Agarwal of AUM Capital recommends buying Repco Home Finance with stop loss at Rs 398 and target of Rs 425, Mahanagar Gas with stop loss at Rs 848 and target of Rs 873 and Triveni Engineering with stop loss at Rs 52 and target of Rs 58.
The Indian market wiped out morning gains and witnessed an intraday movement of nearly 200 points on November 12. The Nifty took support at its 13-days exponential moving average (EMA) placed around 10,455 and formed a strong bearish candle on the daily charts.
The index breached its 5-EMA on the downside, bounced back from 13-EMA but failed to close above 10,500 levels. The next crucial support for the index is placed at 10,440. A close below this level could take the index towards 10,132 levels, suggest experts.
The index formed a Hanging Man kind of pattern in the previous trading session and formation of a bearish candle on Monday confirms the formation of an intermediate top. The index is witnessing selling pressure in the range of 10600-10650.
India VIX move up sharply by 9.05 percent at 19.36 levels. The spurt in volatility after the decline of the last two weeks suggests bears are putting pressure at higher zones. VIX has to cool down below 16 zones to get the next leg of smooth upside rally in the market.
According to Pivot charts, the key support level is placed at 10,415.63, followed by 10,349.07. If the index starts moving upwards, key resistance levels to watch out are 10,597.13 and then 10,712.07.
The Nifty Bank index closed at 25,539.8 on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 25,387.53, followed by 25,235.27. On the upside, key resistance levels are placed at 25,799.63, followed by 26,059.46.
Here are the top stock trading ideas which can give good returns in the near term:
Nandish Shah of HDFC Securities
Buy Tech Mahindra with target at Rs 780 and stop loss at Rs 690
Buy Hindustan Oil Exploration with target at Rs 150 and stop loss at Rs 128
Buy Tata Communications with target at Rs 555 and stop loss at Rs 490
Rajesh Agarwal of AUM Capital
Buy Repco Home Finance with stop loss at Rs 398 and target of Rs 425
Buy Mahanagar Gas with stop loss at Rs 848 and target of Rs 873
Buy Triveni Engineering with stop loss at Rs 52 and target of Rs 58
Buy Dhampur Sugar with stop loss at Rs 173 and target of Rs 188
Buy Goa Carbon with stop loss at Rs 539 and target of Rs 580Disclaimer: 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.