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The firm Asian cues and buying in technology stocks helped the market close higher on November 28 but the Nifty50's failure to hold on to its 200-DMA due to profit booking at higher levels indicated that traders turned cautious ahead of expiry of November futures & options contracts on November 30.
The 30-share BSE Sensex was up 203.81 points at 35,716.95 and the 50-share NSE Nifty rose 43.30 points to 10,728.90, but the broader markets underperformed frontliners with the Nifty Midcap index falling nearly a percent on weak breadth.
About three shares declined for every share rising on the NSE. The Nifty IT index rallied 2.9 percent while other major sectoral indices either closed flat or in a negative terrain.
The profit booking at higher levels, and selling & muted trade in major sectors indicated that the market internal picture remained very weak, experts said, adding one can avoid creating fresh longs.
According to Pivot charts, the key support level is placed at 10,699.8, followed by 10,670.8. If the index starts moving upwards, key resistance levels to watch out are 10,757.8 and then 10,786.8.
The Nifty Bank index closed at 26,457.95, up 14.85 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,390.1, followed by 26,322.3. On the upside, key resistance levels are placed at 26,555.3, followed by 26,652.7.
Here are the top stock trading ideas which can give good returns in the near term:
Rupak De of Bonanza Portfolio
Buy Mphasis with target at Rs 1044 and stop loss at Rs 914
Sell HDFC Bank with target at Rs 1980 and stop loss at Rs 2141
Buy Zee Entertainment with target at Rs 521 and stop loss at Rs 458
Rajesh Agarwal of AUM Capital
Buy L&T Finance Holdings with stop loss at Rs 134and target of Rs 146
Buy Godfrey Phillips with stop loss at Rs 914 and target of Rs 965
Buy Vadilal Industries with stop loss at Rs 548 and target of Rs 590
Buy Dalmia Bharat with stop loss at Rs 2298 and target of Rs 2500
Buy Nucleus Software with stop loss at Rs 374 and target of Rs 395
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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