Selling in midcap segment was seen in Aarti Industries, Adani Gas, Apollo Tyres, Emami, Exide Industries, Jubilant Foodworks, Mahanagar Gas, Syngene International and Tata Consumer Products, Dolat Capital added.
Benchmark indices ended the November series on a strong note on November 29 with the Nifty rising over 7 percent. The index gained over a percent to close above 10,850 levels, forming bullish candle on the daily charts.
The rupee gaining past 70 a dollar at close, crude falling below $60 a barrel, consistent FII buying and Federal Reserve's dovish remarks hinting end to aggressive rate hikes boosted market sentiment.
The 30-share BSE Sensex rose 453.46 points or 1.27 percent to 36,170.41 while the 50-share NSE Nifty closed above the 200-day moving average, rallying 129.80 points or 1.21 percent to 10,858.70.
The index is likely to extend the upward momentum in December with some consolidation, but there could be profit booking in coming sessions after seeing a rally in last four consecutive sessions, experts said.
According to Pivot charts, the key support level is placed at 10,799.67, followed by 10,799.67. If the index starts moving upwards, key resistance levels to watch out are 10,900.37 and then 10,942.03.
The Nifty Bank index closed at 26,939.60, up 481.65 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 26,676.6, followed by 26,413.6. On the upside, key resistance levels are placed at 27,103.2, followed by 27,266.8.
Here are the top stock trading ideas which can give good returns in the near term:
Aditya Agarwal of Way2Wealth Brokers
Buy Dr Reddy’s Laboratories around Rs 2650 – 2625 with target at Rs 2900 and stop loss at Rs 2520
Buy Berger Paints above Rs 324 with target at Rs 350 and stop loss at Rs 310
Sell Century Textiles below Rs 889 with target at Rs 840 – 810 and stop loss at Rs 927
Rajesh Agarwal of AUM Capital
Buy Max Financial Services with stop loss at Rs 437 and target of Rs 462
Buy Escorts with stop loss at Rs 685 and target of Rs 708
Buy TVS Motor Company with stop loss at Rs 539 and target of Rs 563
Buy L&T Finance Holdings with stop loss at Rs 140 and target of Rs 149
Buy Albert David with stop loss at Rs 405 and target of Rs 430Disclaimer: 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.