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The Nifty, which opened at 10,734, rose to an intraday high of 10,781 on Wednesday. It slipped marginally to hit an intraday low of 10,724, before ending the day at 10,772, up 61 points.
The Bank Nifty erased the losses made over the last three sessions and closed above its immediate hurdle of 26,500. It formed a strong bullish candle after the weakness of the last four sessions, and now it has to hold above 26,500 to witness an up move towards 26,750, suggest experts.
According to Pivot charts, the key support level is placed at 10,736.73, followed by 10,701.47. If the index starts moving upwards, key resistance levels to watch out are 10,794.53 and 10,817.07.
The Nifty Bank index closed at 26,557.7 on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,386.8, followed by 26,215.9. On the upside, key resistance levels are placed at 26,651.71, followed by 26,745.7.
Here are the top stock trading ideas which can give good returns in the near term:
Dharmesh Shah of ICICIdirect.com
Buy Marico with target at Rs 370 and stop loss at Rs 315
Buy Maharashtra Seamless with target at Rs 548 and stop loss at Rs 402
Buy Greaves Cotton with target at Rs 149 and stop loss at Rs 126
Rajesh Agarwal of AUM Capital
Buy Reliance Infrastructure with stop loss at Rs 432 and target of Rs 453
Buy Power Finance Corporation with stop loss at Rs 79 and target of Rs 86
Buy NIIT Technologies with stop loss at Rs 1117 and target of Rs 1153
Buy Aurobindo Pharma with stop loss at Rs 608 and target of Rs 634
Buy HDFC Bank with stop loss at Rs 2030 and target of Rs 2085
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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