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The market started off last month of the calendar year on a flat note Monday as traders maintain caution ahead of key domestic events like RBI monetary policy and state elections results.
The Nifty50 continued to consolidate for the second consecutive session after a 400-point rally, forming small bearish candle which resembles a Hanging Man king of pattern on the daily charts.
The Nifty continued to face resistance around 10,900 levels but failed to hold the same. Once it closes above the same levels, then 11,000 could be the next hurdle, experts said.
The index opened sharply higher at 10,930.70 and hit an intraday high of 10,941.20 in morning itself, but gradually erased gains in afternoon to hit day's low 10,845.35 followed by rangebound trade. It closed 7 points higher at 10,883.80.
India VIX fell by 5.5 percent to 18.11 levels. On the options front, maximum Call open interest was seen at the 11,000 strike, followed by 10,900 and 11,100 strikes while maximum Put open interest was seen at the 10,500 strike followed by 11,000 and 10,700 strikes.
Here are the top stock trading ideas which can give good returns in the near term:
Vinay Rajani of HDFC Securities
Buy State Bank of India with target at Rs 308 and stop loss at Rs 273
Buy Hero MotoCorp with target at Rs 3250 and stop loss at Rs 2910
Buy Kotak Mahindra Bank with target at Rs 1325 and stop loss at Rs 1160
Rajesh Agarwal of AUM Capital
Buy PVR with stop loss at Rs 1482 and target of Rs 1560
Buy Jubilant Foodworks with stop loss at Rs 1298 and target of Rs 1365
Buy Godrej Properties with stop loss at Rs 680 and target of Rs 723
Buy Edelweiss Financial Services with stop loss at Rs 174 and target of Rs 183
Buy Maruti Suzuki with stop loss at Rs 7700 and target of Rs 7840
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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