The Nifty50 after opening at 10,742.70 on Friday traded lower in the morning to hit day's low of 10,710.45, but recouped all those losses in afternoon and then turned strong in the last hour of trade to hit an intraday high of 10,837. It ended at 10,821.90, higher by 80.80 points from the last close.
The Nifty is few points away from 10,850, the crucial level for bulls to gain strength and move towards earlier record high, experts said.
According to Pivot charts, the key support level is placed at 10,742.53, followed by 10,663.27. If the index starts moving upwards, key resistance levels to watch out are 10,869.03 and 10,916.27.
The Nifty Bank index closed at 26,766.8 on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 26,485.13, followed by 26,203.46. On the upside, key resistance levels are placed at 26,927.53, followed by 27,088.27.
Here are the top stock trading ideas which can give good returns in the near term:
Dinesh Rohira of 5nance.com
Buy Adani Transmission with target at Rs 183 and stop loss at Rs 152
Buy Inox Wind with target at Rs 98 and stop loss at Rs 85
Sell Apex Frozen Foods with target at Rs 422 and stop loss at Rs 460
Rajesh Agarwal of AUM Capital
Buy United Spirits with stop loss at Rs 670 and target of Rs 694
Buy Mahindra & Mahindra with stop loss at Rs 898 and target of Rs 920
Buy RBL Bank with stop loss at Rs 545 and target of Rs 565
Buy Sun Pharmaceutical Industries with stop loss at Rs 563 and target of Rs 593
Buy India Cements with stop loss at Rs 108 and target of Rs 118
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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