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The Nifty which started on a flat note failed to build on momentum due to weak global cues and slipped towards its crucial support placed around 10,800 on Monday. The index formed a ‘Bearish Belt Hold’ kind of pattern on daily charts.
In Monday’s price action, Nifty opened at 10,830.20 and was also the intraday high for the index which resulted in no upper shadow. The bears took control of D-Street in morning trade and pushed the index below its crucial support placed at 5-exponential moving average (EMA).
Investors are advised to tread with caution and if Nifty fails to reclaim 10,800 in Tuesday’s trading session, then there is a higher probability that it will slip towards its next crucial support, which is placed around 10,755.
According to Pivot charts, its key support is placed at 10,781.33, followed by 10,762.87. If the index starts moving upward, key resistance levels to watch out are 10,824.23 and 10,848.67.
The Nifty Bank index closed at 26,409.3. Important pivot level, which will act as a crucial support for the index, is placed at 26,328.64, followed by 26,247.97.
Key resistance levels are placed at 26,483.74, followed by 26,558.17.
Here are the top stock trading ideas which can give good returns in the near term:
Vinay Rajani of HDFC Securities
Buy United Breweries with target at Rs 1,370 and stop loss at Rs 1230
Buy Tata Elxsi with target at Rs 1,390 and stop loss at Rs 1,240
Buy Jyothy Lab with target at Rs 502 and stop loss at Rs 445
Rajesh Agarwal of AUM Capital
Buy HCL Technologies with target of Rs 1028 and stop loss at Rs 880
Buy UPL with target at Rs 747 and stop loss at Rs 670
Buy Glenmark Pharma with target of Rs 638 and stop loss at Rs 550
Buy Emami with target of Rs 1224 and stop loss at Rs 1020
Buy Tata Investment with target of Rs 978 and stop loss at Rs 830
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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