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The Nifty also broke below two key short-term moving averages namely 5-days exponential moving average (EMA) placed at 10,775 and 13-EMA at 10,764.
The Nifty which opened flat rose marginally to hit an intraday high of 10,831. It failed to hold on to momentum and hit an intraday low of 10,753 before closing at 10,762, down 59 points.
Bank Nifty formed an Inside Bar pattern as it moved inside the range of the last session. The index has to now hold above 26,500 zones to witness an up move towards 26,750 and then towards 27,000 zones while a hold below 26,450 could see a dip towards 26,250 zones suggest experts.
India VIX moved up by 4.68 percent at 12.58 levels. On the options front, maximum Put OI is placed at 10,700 followed by 10,600 strikes while maximum Call OI is placed at 11,000 followed by 10,800 and 10,900 strikes.
According to Pivot charts, the key support level is placed at 10,733.33, followed by 10,704.17. If the index starts moving upwards, key resistance levels to watch out are 10,811.33 and 10,860.17.
The Nifty Bank index closed at 26,609.7 on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 26,520.16, followed by 26,430.63. On the upside, key resistance levels are placed at 26,752.06, followed by 26,894.43.
Here are the top stock trading ideas which can give good returns in the near term:
Nandish Shah of HDFC Securities
Buy Tech Mahindra with target at Rs 745 and stop loss at Rs 670
Sell L&T Finance Holdings with target at Rs 145 and stop loss at Rs 166
Sell Ashok Leyland with target at Rs 120 and stop loss at Rs 140
Rajesh Agarwal of AUM Capital
Buy TVS Motor Company with stop loss at Rs 585 and target of Rs 613
Buy UltraTech Cement with stop loss at Rs 3685 and target of Rs 3825
Buy Can Fin Homes with stop loss at Rs 352 and target of Rs 375
Sell Tata Motors with stop loss at Rs 301 and target of Rs 275
Sell Hindustan Petroleum Corporation with stop loss at Rs 306 and target of Rs 288
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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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