Bulls failed to maintain their hold on markets on November 14 and ended the day flat. The index formed a bearish candle resembling a ‘Hanging Man’ on the daily charts.
The index reversed gains after hitting levels between 10,600-10,650 for the fifth consecutive day in a row and now a close above 10,650-10,700 is required for bulls to regain control over D-Street. On the other hand, a close below 10,550-10,532 could take the index lower towards 10,440 levels suggest experts.
Even though the market might be giving mixed signals, experts suggest investors stay long on the index with a stop below 10,440 levels. The index formed a Piercing patter in Tuesday's session which suggested bulls might regain control of D-Street, but the formation of a bearish candle might have now negated the positive pattern.
India VIX move up by 0.67 percent at 18.82 levels. 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 10,522.13, followed by 10,467.97. If the index starts moving upwards, key resistance levels to watch out are 10,641.03 and then 10,705.77.
The Nifty Bank index closed at 25,930.2 on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 25,809.57, followed by 25,688.93. On the upside, key resistance levels are placed at 26,047.97, followed by 26,165.73.
Here are the top stock trading ideas which can give good returns in the near term:
Rupak De of Bonanza Portfolio
Buy Hexaware Technologies with target at Rs 363 and stop loss at Rs 303
Buy United Spirits with target at Rs 700 and stop loss at Rs 619
Buy Marico with target at Rs 379 and stop loss at Rs 329
Rajesh Agarwal of AUM Capital
Buy State Bank of India with stop loss at Rs 277 and target of Rs 293
Buy Interglobe Aviation with stop loss at Rs 1027 and target of Rs 1080
Buy Adani Transmission with stop loss at Rs 184 and target of Rs 200
Buy VIP Industries with stop loss at Rs 434 and target of Rs 460
Buy Berger Paints with stop loss at Rs 312 and target of Rs 330
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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